Bitcoin Investor Achieves Astronomical Gains

A Bitcoin investor from the early days of BTC has resurfaced, realizing an astonishing 1,491,666,566% gain on their holdings of 2,000 BTC, initially purchased at a mere $0.06 per Bitcoin.

According to Bitcoin historian Pete Rizzo, an anonymous investor recently moved 2,000 BTC, now valued at $179 million. Rizzo tweeted, "Someone just sent 2,000 Bitcoin worth $179,000,000. They held between $0.06 and $90,000."

This whale’s Bitcoin journey began when the price was just $0.06 per coin. At that time, the 2,000 BTC was worth only $12. Fast forward to today, with Bitcoin’s price surging to $90,000, that stash is now valued at $179 million, resulting in a jaw-dropping 1,491,666,566% return on investment.

The recent movement of this Bitcoin has sparked speculation regarding the wallet owner’s identity and intentions.

Bitcoin Price Action

Bitcoin's price has recently dropped by 1.43% over the past 24 hours, likely due to profit-taking after peaking at an all-time high of $93,495 earlier this week.

The largest digital asset fell to $87,100 during Friday’s trading session after Federal Reserve Chair Jerome Powell announced that interest rate decreases are not urgent. Bitcoin later recovered some losses, trading above $88,000.

As of press time, Bitcoin was valued at $87,740. Following Powell's comments, traders scaled back on bets regarding Fed rate cuts, indicating a decrease in risk appetite. Dogecoin dropped 11.33%, while XRP experienced a 24% rise.

On a positive note, a net $4.3 billion was invested into U.S. spot Bitcoin exchange-traded funds (ETFs). Recent data reveals that 12 BTC ETFs, including those from BlackRock Inc and Fidelity Investments, hold approximately $93 billion in total assets.

According to Bloomberg, bullish market conditions have driven overall net inflows into U.S. ETFs to exceed $913 billion, surpassing the record set in 2021 with one month remaining.

This article was originally published on U.Today