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Inactive Bitcoin holder transfers $2 billion in BTC from 2011, eyeing a possible 14,000,000% profit.
On July 4, two Bitcoin wallets that had been inactive for 14 years transferred a total of 20,000 BTC, which is approximately valued at $2.18 billion. The transactions came from distinct addresses that had held 10,000 BTC since April 3, 2011, when the asset’s price was around $0.78.
The analytics account Lookonchain was the first to highlight these on-chain activities, which detailed the two separate transfers of 10,000 BTC that took place within minutes of one another.
Blockchain data verifies that both wallets, 12tLs9c9RsALt4ockxa1hB4iTCTSsmxj and 1KbxrSKrT3GeETuuYUSQ35JwkbrAw, were funded on the same day from a single source address, indicating a shared owner.
The initial acquisition cost for the total of 20,000 BTC was roughly $15,610, reflecting a return of about 140,000 times the original investment, or approximately 14 million percent.
Bitcoin OG moves 10k BTC (Source: Bitinfocharts)
This occurrence involves the transfer of capital from the network’s foundational days, often referred to as the “Satoshi era.”
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While such transfers may induce concern in the market regarding a significant volume of coins being sold, the specifics of these transactions provide additional context to the event.
One block of 10,000 BTC was sent to a legacy Pay-to-Public-Key-Hash (P2PKH) address, while the other was routed to a contemporary Bech32 SegWit address.
The utilization of different address types might suggest a sophisticated holder managing assets rather than a simple liquidation.
The movement signifies a consolidation of a substantial, long-dormant fortune, and this transfer is distinct from a sale on an exchange. However, it is conceivable that an OTC trade is being arranged.
The 20,000 BTC currently resides in two new addresses, with the owner’s ultimate intentions for the capital yet to be disclosed through further on-chain activity.
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