U.Today - Another anonymous Bitcoin (BTC) holder has resurfaced after being dormant for almost 11.2 years, according to data from Whale Alert. Digging deeper into the on-chain data, it appears that an unknown whale, as such large holders are often called, came to life with 750 BTC - a stash worth around $50 million at current prices.
The last time the address "1a6Zn" was active before today was June 4, 2013. At that time, Bitcoin was trading at around $120 per BTC. Fast forward to 2024, and that amount of BTC will make its owner a handsome $50 million, which equates to a 53,583% return on that investment. Extrapolated over 11.2 years, that is 4,784% per year.
Thus, after this ancient dormant whale came back to life, they transferred all the tokens to the "bc1qc" address.
It remains a mystery. However, if we were to try to come up with reasons, one could be security measures. Over the years, Bitcoin custody standards have changed, and the transfer could indicate a shift from the older "1" address type to the more secure "bc1" address type.
This is the latest such awakening in recent times, as July was fruitful in terms of inactive Bitcoin resurfacing. Many market participants see this as a bearish sign; after all, who would refuse to cash out at least part of a 53,583% gain?
However, considering the fact that they have been holding their BTC for years, perhaps selling is not the case here.