On-chain data shows a Bitcoin wallet suddenly moving coins that were dormant for 10.8 years. This is how much profit it made on its investment.

Bitcoin wallet with 24 BTC in balance has come to life after 10.8 years

According to data from cryptocurrency transaction tracker service Whale Alert, a BTC address just moved coins after a long wait of 10.8 years. The wallet had a balance of around 24 BTC and wiped itself with its last transaction.

Below you will find the details regarding this transfer.

The transaction of old BTC that has occurred during the past 24 hours | Source: Whale Alert

The first transaction in the wallet dates back to November 16, 2013 and only now has the investor decided to transfer the 24 BTC he deposited to the wallet.

The address received these coins when Bitcoin was trading around $438.83, meaning the holder would have purchased the stack for $10,915. Today, Bitcoin has increased in value even further, so that same stack of 24 BTC is now worth a whopping $1.46 million.

This represents a massive increase of 13,245%, or $1.45 million. The investor has made a big profit, but whether this is due to HODLing is uncertain.

Statistically speaking, there is a high probability that coins older than seven years have been lost. This could be because the keys were no longer in their place or because people forgot about their existence.

So it’s possible that this wallet, containing tokens over ten years old, was lost for a large portion of time before being rediscovered by the original investor or someone else.

If the investor were to sit on these coins all this time of their own free will, they would indeed be diamond hands among diamond hands.

It is unclear why the holder removed these coins from the wallet, but given the size of the profit the investment has generated, it is possible that he/she wants to cash them out.

If this investor sells his shares, it will not affect the market. The amount, while not that small in absolute terms, is still a drop in the ocean compared to the total amount invested in Bitcoin.

In some other news, as on-chain analyst Checkmate an X message indicates that approximately 80% of Bitcoin supply is being held at a loss for short-term holders.

The key on-chain indicators related to the BTC short-term holders | Source: @_Checkmatey_ on X

The short-term holders here are the Bitcoin investors who bought their coins in the last 155 days. These investors are generally the opposite of HODLers, so when many of them are in the red, they may be inclined to engage in a panic selling.

However, Checkmate has noted that despite a large number of them Under water the size of the unrealized loss is not that great, which equates to just 4% of the cryptocurrency’s market cap.

Looks like the unrealized loss held by the short-term holders isn't that much in magnitude | Source: @_Checkmatey_ on X

BTC price

At the time of writing, Bitcoin’s price is hovering around $58,300, down almost 3% over the past 24 hours.

The price of the asset appears to have been stale recently | Source: BTCUSD on TradingView

Main image from Dall-E, checkonchain.com, chart from TradingView.com