After over 12 years of dormancy, a significant Bitcoin (BTC) holder made a bizarre reappearance that was caught on-chain today. For the first time since March 2013, 235 Bitcoin, or $17.43 million, sprang to life, as initially reported by Whale Alert.
The fact that the address holder of these Bitcoins under the code “1QHvbR” had them moved to the wallet of the well-known American exchange Kraken, however, may have irritated some people.
Participants in the cryptocurrency market generally agree that these transfers indicate a big investor’s desire to sell their holdings by transferring them from their own custody to a liquid cryptocurrency buying and selling platform.
https://x.com/whale_alert/status/1854146926427443253
Given that the transfer took place on the day that Bitcoin reached a new high, this was probably the cause in our instance. One Bitcoin was worth less than $100 in March, and the cryptocurrency itself had just gone through its first surge in value.
However, twelve years later, Bitcoin has already surpassed $75,000 in price and is now a fully functional, institutionalised financial asset with tens of millions of holders and a valuation close to $1.5 trillion.
The majority of the 235 BTC held by this unidentified Bitcoin investor, however, stayed in his wallet. On-chain data now shows that “1QHvbR” still has 125.55 BTC, or almost $9.31 million.
The issue is if the unidentified investor will reappear in a few years or whether these Bitcoins will be realised on some exchange.
