Ancient Bitcoin Wallet Revives With Staggering 10,817% Profit: Details

U.Today - With the price of Bitcoin (BTC) trading at its historic high of all time, another ancient whale is back to life. Per data from Whale Alert, the address "1B4Rh…qYK4a" initiated two transfers; the first transaction was from the whale after a 10.9-year period. The whale moved a total of 50 Bitcoin in two distinct batches.

Why now?According to the Whale Alert insight, this wallet address received 50 Bitcoin units in 2014. The funds at the time were valued at $44,030, placing the price of each BTC at $880.60. Fast-forward to today, and this Bitcoin stash is now worth $4,806,870. The current price implied a return of 10,817%.

The whale moved 47 BTC to an unknown address, while 3 BTC went to a Coinbase (NASDAQ:COIN ) exchange-designated wallet.

The price of Bitcoin has recorded a major shift over the past decade. Right now, all old investors in Bitcoin are in profit, with the price now sitting comfortably at $95,411.97, up by 0.78% in the past 24 hours. The current outlook and accrued gains make this period a good time to leave dormancy.

Over the past few months, the number of BTC whales that have risen from dormancy has grown considerably. Though their emergence places selling pressure on Bitcoin, the broader market hype is helping to sustain the coin’s growth overall.

Bitcoin just getting startedDespite Bitcoin's price trading at one of its highest price levels in history, there are expert projections that the coin will continue growing.

Experts like Fundstrat’s Tom Lee are optimistic that the coin may eventually hit the $250,000 price mark by 2025. The odds are in the favor of the coin, with the FedWatch Tool showing high expectations of another interest rate cut this month.

If this projection holds, it can spur a surge in the price of Bitcoin, complemented by the spot Bitcoin ETF's record inflow rate.

Source: Investing.com