Bitcoin Whale moves $1.2 million worth of BTC after 13 years

A large whale moved over $1.2 million worth of Bitcoin that hadn’t been touched in over 13 years. The whale transferred the stock – a total of 50 BTC – to another wallet on Thursday, it appears blockchain data. The coins were mined in June 2010 and have been standing still since then.

Recently, very old Bitcoins are increasingly being moved. In April, a holder who had not touched their coins for a decade moved $7.8 million worth of Bitcoin into new wallets. Just days later, another long-term investor moved $11 million worth of BTC tokens after 11 years of inactivity.

Bitcoin “whales” are investors who hold huge amounts of cryptocurrency. Many of them do nothing with it for years. It is not clear from blockchain data whether it concerns individuals, companies or other entities.

There is a lot of curiosity about the identity of these early Bitcoin investors. Kirill Kretov, a developer of automated trading tools, explained that between 2009 and 2010, the creation of Bitcoin, also known as “mining”, was mainly done by IT geeks. He also suggested that companies may have acquired these wallets from individual owners in later years.

Long-term investing pays off

Research shows that investors who hold Bitcoin for the long term, known as “HODLers,” tend to be more successful than private investors who regularly buy and sell in the short term, often resulting in losses.

The reason for this is that, despite the large price swings, Bitcoin has significantly increased in value over the long term. Ten years ago, one Bitcoin was worth less than $100.

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Bitcoin’s short-term investors are out of luck today. The price currently stands at $25,028 per coin, down 3.7% in the past 24 hours. This amounts to almost 7% in the past week.

BTC has taken the rest of the crypto market into it. Major altcoins like Ethereum and Cardano have fallen in price as investors weigh up what to do with the Federal Reserve’s latest decision not to raise interest rates.

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