Old Bitcoin wallet awakens after nearly 11 years in deep sleep

More than a decade of (presumably involuntary) hodling has turned a small Bitcoin holder made a millionaire.

A long-lost Bitcoin wallet moved coins for the first time after 10.8 years. This is according to data from the on-chain tracker Whale Alert.

According to records, the unknown owner emptied his wallet, which contained about 24 BTC. His first transaction was dated Nov. 16, 2013. At the time, Bitcoin stood at about $440. The purchase cost the crypto investor about $11,000 at the time.

After more than 10 years of hodling, the investor can now look forward to an equivalent value of nearly $1.5 million. Given the huge return, the lucky one will likely realize some profits. However, whether the investor really intended to hold on to his coins for so long is not clear.

Statistically, BTC that have been inactive for more than seven years are considered lost. It is possible that the lucky person was only recently able to regain access to his wallet. However, this is not a unique case, as such situations more common.

While the recently activated whale is likely to cash in some of its gains, its peers continue to collect.

This is evidenced by on-chain data from Santiment. According to this data, Bitcoin hodlers holding between 100 and 1,000 BTC have collected as much as 94,700 Bitcoin worth nearly six billion dollars in the past six weeks.

During the same period, according to Santiment, many small investors reportedly sold in a panic. Experienced large investors apparently took the opportunity to replenish their stocks in anticipation of further price increases.