In a trend that now comes off as the norm, 2 Bitcoin (BTC) whale addresses with over a decade in dormancy has reawaken. The two addresses, marked by the markers “16vRqA” and “1DUJuH” contained the same units of Bitcoin. Per the records, they both went dormant within a 24 hour interval of each other.

From Bitcoin (BTC) Dormancy To Profitability

It is not uncommon to find locked Bitcoin addresses from the Satoshi-era make their re-emergence. The majority of the addresses that have re-introduced themselves into the market have proven to rake in massive profits. This two wallets are no exception with the 500 BTC they contained 10.7 years ago is now worth $30,494,084 each.

This Bitcoin units were worth just about $63,565 in 2013 implying they have now soared by over 47,873%. This huge profit from the HODLing engagement was made possible since the price of Bitcoin jumped from $124 at the time to $61,234.97 today.

2 wallets that have been dormant for 10.7 years transferred all 1,000 $BTC($60.9M) out in the past 20 mins.

Wallet”16vRqA” received 500 $BTC($62K at that time) on Sept 13, 2013, when the price was $124.

Wallet”1DUJuH” received 500 $BTC($62K at that time) on Sept 12, 2013, when… pic.twitter.com/l5ivjrcRt5

— Lookonchain (@lookonchain) May 12, 2024

Bitcoin has undergone a lot of intense evolution from 2013 to date. The digital currency has transitioned from a currency for nerds to one now held by millions of addresses around the world. At a time, Bitcoin served as an asset for a handful of tech savvy individuals around the world. However, at the moment, many now hold Bitcoin either as a standalone asset or in regulated products as an Exchange Traded Fund (ETF).

The major transformation for Bitcoin came earlier this year when the US Securities and Exchange Commission (SEC) greenlight BTC ETF. With the approval, firms like BlackRock, Fidelity Investments and Bitwise now offer a regulated product for anyone to gain exposure to Bitcoin.

Bitcoin, Price Surge and Enhanced Utility

The embrace of Bitcoin has helped the digital currency rebound dramatically. In March, it registered a new All-Time High (ATH) above $73,000. In that same month, several dormant Bitcoin addresses sprang to live as some took advantage of the higher pricing to maximize their holdings.

Besides price action, Bitcoin is also building on its legacy to pivot into supporting smart contracts. This shift to smart contract support pioneered with the emergence of Inscriptions. While this innovation bagged applaud from the community, a more advanced Runes Protocol went live at the last halving event.

Runes got an instant acceptance in the community. However, the community anticipates how it will change the developer landscape on Bitcoin.

Read More: Crypto Market: US CPI & PPI To Set Road Ahead, What To Expect?

The post Bitcoin News: Satoshi-Era Bitcoin (BTC) Addresses Awakens With Massive Gains appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am