It remains unclear how the wallet owner acquired the bitcoins, but crypto community members believe the assets were mined in a single block.
A Bitcoin address holding 50 bitcoins (BTC) worth $3.67 million at current prices has woken up from a 13.9-year slumber.
BTC Address Awakes From 13.9-Year Slumber
According to a tweet from Whale Alert, the wallet owner has moved 20.99 BTC worth $1.46 million from their holdings to the largest American crypto exchange, Coinbase.
It remains unclear how the wallet owner acquired the bitcoins, but members of the crypto community believe the assets were mined in a single block, and the Bitcoiner may have recently regained access to their account.
At the time the bitcoins were created in 2010, the leading digital asset was worth less than $0.20, and the wallet owner’s stash was valued at $10. BTC eventually closed the year at $0.30.
Thirteen years down the line, BTC has increased by more than 114 million percent to over $70,000, pushing the Bitcoiner’s stash to roughly $3.7 million, giving the crypto user a massive return on investment.
Bitcoin After 13 Years
Over the last decade, bitcoin has experienced remarkable growth and development within its ecosystem and in the real world. Bitcoin has evolved into a network encompassing BRC-20 tokens and non-fungible tokens (NFTs) following the launch of the Ordinals protocol.
Most recently, the leading digital ecosystem unlocked a level of institutional adoption after the United States Securities and Exchange Commission approved the launch of several spot Bitcoin exchange-traded funds (ETFs), which track the price of BTC in real time. Even the world’s largest asset manager, BlackRock, and other prominent investment firms, including Ark Invest, Fidelity, Galaxy Digital, Grayscale, and 21Shares, are among the issuers of the spot Bitcoin products.
As of March 13, the spot Bitcoin ETFs had accumulated more than 800,000 BTC worth $56 billion at current prices and recorded net inflows surpassing $11 billion. The exchange-traded products witnessed inflows of $1 billion on March 12 alone.
Meanwhile, Bitcoin is set to undergo its fourth halving event in mid-April. The halving will slash its block rewards by 50% from 6.25 BTC to 3.125 BTC, significantly reducing the rate at which bitcoins are produced daily. The event will also play a major role in reducing the asset’s inflation rate.