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August 29, 2022

Bitcoin Wallet Records $96M for First Time in 9 Years

An old Bitcoin wallet account that held 5000 BTC for about nine years has just moved its entire value to a new address, realizing a profit of $96 million despite the general market drop.

According to the blockchain researcher BitInfoCharts, the wallet address bought 5,000 BTC four years after the debut of the cryptocurrency in December 2013. The whole BTC buy at the time was valued at nearly $3.3 million, since bitcoin was trading at $663.

After the purchase, the BTC assets languished in losses for the next three years, while bitcoin struggled from roughly $350 to $500. In contrast, the wallet experienced profits in 2017, when the price of bitcoin surpassed $19,000 in December.

In September 2021, the wallet owner contributed 1.51 BTC valued at roughly $63,800 at the time. This increased the company’s total bitcoin holdings to 5001.51 BTC. In November 2021, when bitcoin reached its all-time high, the value of bitcoin holdings was above $340,1 million.

Note, however, that the wallet owner has simply moved their bitcoin holdings to an empty wallet, as disclosed by the blockchain explorer, while they are the 299th greatest Bitcoin holder.

Some people responded to the latest transaction, with some speculating that it was Satoshi Nakamoto, the founder of Bitcoin. Another poster noted that the aforementioned bitcoin holdings may be related to Mt. Gox’s purported recent release of 137,000 BTC.

Several wallets from the Satoshi period have yet to transfer or withdraw their bitcoin holdings. One of them has 6071.5 BTC (valued at $120.2 million) that was acquired on the same day as 5001.51 BTC.

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Since its Bitcoin purchase in 2013, a dormant wallet address was revived in May 2022. At the moment, one thousand bitcoins were acquired for around $30,4 million by the owner of the wallet. Users of cryptocurrencies responded to the news, with some speculating that the fund may be related to the 2016 Bitfinex attack.