Bitcoin’s sharp drop this week seems to have woken up even the calmest. After the price reached $25,400 this Thursday (12), a sleeping whale moved 2,100 BTC that had been standing still for 8 and a half years this Friday morning (13).
Currently, this amount of 2,100 BTC is equivalent to 320 million reais. This investor, which was acquired in 2013 for about BRL 1,850 for a total of BRL 3.7 million, has already multiplied its money 86 times over the period, even with the current downturn in the market.
Historical data shows that holders make up the bulk of the market in the long run. After all, about 77% of the coins have not been moved in the past 12 months. Another curious fact is that 10 out of 100 bitcoins have been sitting for more than 10 years, most of these coins belong to Satoshi Nakamoto.
Autumn wakes up sleeping whale
Interestingly, the investor in question bought Bitcoin near its all-time high in 2013, known for the cryptocurrency’s first major bull cycle. That year, Bitcoin jumped from BRL 200 to BRL 3,600 in a matter of months. Based on the data, we can estimate that this whale paid approximately BRL 1,850 for each of its 2,100 BTC, representing a total investment of BRL 3.7 million.
However, after this 2013 high, Bitcoin entered its greatest bear period in history. The historic summit of 2013 was not renewed until early 2017. In other words, this investor certainly had moments of doubt during this journey, but he never sold his coins.
On Tuesday morning (13), this whale moved its 2,100 BTC to a new wallet and consolidated its balance at only one address, as shown in the image below. The reason for the move could be Bitcoin’s sharp drop this week, or just a coincidence.
In addition to the identity of this whale, the fate of the funds is also unknown. That is, it could be an address of the investor himself or of a stock exchange, we don’t know. However, you can see that ~100 bitcoins have been spent and another 2,000 are in a new wallet.
sleeping bitcoins
Currently, about 10 out of 100 bitcoins have been sitting idle for more than a decade. Most of these coins belong to Bitcoin maker Satoshi Nakamoto, who mined about 1 million BTC (R$158 billion) when they were worthless.
In 5 years, this number will rise to 21% of all 21 million bitcoins. Therefore, the movement of this whale is somewhat rare, as it lies between these two values. You can compare these statistics in the image below. Interestingly, most of the market consists of: holdersthat is, people who collect their coins for long periods.
Finally, the story of this whale that moved 2,100 BTC is also an example for those who bought Bitcoin late last year. After all, sometimes it’s best to be patient as Bitcoin is considered a long-term investment.
Source: Live Coins
John Cameron is a journalist at The Nation View specializing in world news and current events, particularly in international politics and diplomacy. With expertise in international relations, he covers a range of topics including conflicts, politics and economic trends.
