Whale Celebrates 524,701% Profit on Bitcoin After 11.8 Years of Inactivity

Reawakening of a Dormant Bitcoin Wallet Spurs Astonishing Profits

A notable cryptocurrency tracking service has reported that a long-dormant Bitcoin wallet has been reactivated after remaining untouched for nearly 12 years. The profits from this wallet’s holdings in Bitcoin are currently remarkable.

The wallet, last accessed in 2012—a time when Bitcoin was still in its formative years and only two years after the mysterious creator, Satoshi Nakamoto, faded from the public eye—has returned to activity.

BTC Wallet Resurfaces After Years of Inactivity

Data sources indicate that this wallet, containing 37 BTC, has awakened after 11.8 years of dormancy. Back in 2012, the price of Bitcoin was just $476, but as of July 2024, it has surged to a staggering valuation of $2,498,054. This represents an extraordinary profit increase of 524,701%.

Earlier in the week, the tracking service also shared information about several other long-dormant wallets that have recently been discovered, each containing substantial amounts of Bitcoin.

A Surge in Revived Bitcoin Wallets

The resurgence of these wallets can often be attributed to owners finally finding their private keys after years of inactivity. Many individuals have lost access to their early acquired or mined Bitcoin permanently, leading to notable media coverage of their experiences.

Conversely, some users have simply waited patiently, observing the gradual price increase of Bitcoin over the past decade before deciding to capitalize on their substantial gains.

This year, Bitcoin reached a new all-time high of $73,750 on March 14, fueled by two primary factors. The first was a significant buying surge initiated by spot Bitcoin exchange-traded funds (ETFs), which began acquiring approximately 10,000 BTC per week starting in January.

The second factor was the anticipation surrounding the upcoming fourth Bitcoin halving, which took place on April 20 and reduced the block rewards for miners from 6.25 to 3.125 BTC.