A dormant Bitcoin wallet holding 6,071 BTC, valued at $178 million, has suddenly been activated after a 9.3-year hiatus.
The wallet, originating from the Satoshi-era, had previously held only $3.3 million worth of BTC in 2013.
The sudden activation of the wallet has left the cryptocurrency community intrigued, with many speculating about the identity of the wallet owner and the reason behind the activation.
The wallet's transaction history reveals that the first transaction took place on Dec. 19, 2013, and the most recent transaction occurred on Apr. 19.
Of the total 6,071 BTC, 2,071 BTC were moved. Ki Young Ju, a prominent cryptocurrency analyst behind the CryptoQuant firm, suggests that the transfer was likely executed as an over-the-counter (OTC) trade since the funds did not land in any known exchange wallets.The massive profit from the price change in the intervening years amounts to $173 million, a staggering gain for the mysterious wallet holder.
Bitcoin is currently trading at $29,269.23, according to data from CoinGecko, reflecting the significant appreciation in value since the wallet's inception.
Market participants will be keeping a close eye on any further movements from this whale address and any potential implications for the wider cryptocurrency market.