Resurfacing of a Bitcoin Whale from 2012

A dormant Bitcoin (BTC) whale from 2012 has resurfaced, uncovered by Spot On Chain. This anonymous entity with a balance of 400 BTC initially acquired its stash for merely $2,091. Today, that Bitcoin is valued at approximately $35.8 million, resulting in an incredible profit of 1,712,099%.

According to an on-chain analytics report, this unknown whale, along with two other wallets, has recently deposited 200 BTC (around $17.9 million) into the major crypto exchange, Bitstamp, and transferred 351 BTC (equivalent to about $31.5 million) to a new wallet.

This occurrence marks a continuation of the trend of early Bitcoin investors from the era when the enigmatic creator, Satoshi Nakamoto, was still active, coming back into the spotlight.

Trick or Threat?

From one perspective, these significant Bitcoin movements cause concern in the crypto community. The fear arises as the prospect of someone cashing out substantial profits from such large holdings seems plausible.

However, despite this activity, the price of BTC continues to ascend, absorbing all available supply. Furthermore, not all coins deposited are reaching platforms like Bitstamp, as many larger holdings are withdrawn to alternative wallets.

Thus, while deposits are occurring on Bitstamp, a more complex path for Bitcoin emerges from these seasoned investors.

How this situation will develop for the cryptocurrency remains uncertain, but the actions of these longtime "diamond hands" merit close observation.

This article was originally published on U.Today