April 23, 2024

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Old Bitcoin wallet wakes up with a profit of 32.3 million euros

Old Bitcoin wallet wakes up with a profit of 32.3 million euros

We all dream of mining a cryptocurrency wallet containing 500 Bitcoin (BTC). There are people to whom this has happened. For example, one report shows that a 12-year-old wallet has transferred at least 500 BTC to various new addresses. The wallet dates back to 2012, when Bitcoin was still worth around $7.50.

Bitcoin price is still in dangerous “overbought” territory

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An anonymous owner of a cryptocurrency wallet makes very high profits

An unknown owner of the wallet purchased 500 bitcoins in July 2012 for about $3,800 in total, according to reports. Loconchine. Today's value is about $34.7 million, which is a good dividend yield. It is not known what the reason for this move is and whether bitcoins will be sold.

Decreased supply of Bitcoin on exchanges

We keep seeing Low supply on trading platforms Bitcoin recently. With a price hanging around a Highest level ever (ATH) More people are holding their Bitcoin than selling it. Therefore, recirculating old Bitcoin is crucial. Scarcity can eventually lead to a significant increase in prices because demand is simply much higher than supply.

Following the launch of the ETFs on January 11, we see daily demand of around 4,500 BTC during the business week. On the other hand, only 921 Bitcoins are mined daily. If we take 4,500 bitcoins per day and compare it to the stock of trading platforms, we still have about 560 days before the stock is completely exhausted.

We have also seen a decline in Bitcoin held on exchanges since 2020. There has been a clear decline of about 29% since then, as people invest more in ETFs and manage themselves as well.

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The Bitcoin halving is just around the corner

the Bitcoin halving It is expected to take place around April 22 this year. This may affect the price because inflation will not exceed half of what it was in the past four years. Combined with high demand and low supply, this phenomenon also causes an expected increase in Bitcoin prices.

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Large amount of mining rewards in your crypto wallet

Last week we also saw a wallet that earned at least 2,000 BTC from mining. One can see who Blocks These were worth about $600 at the time of mining. Now that equates to about $140 million. It's not clear if they will sell it, but it has certainly attracted attention given the massive increase in value seen by Bitcoin holders.

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