A Bitcoin (BTC) wallet that has been inactive for six years reportedly woke up and recorded an astonishing $82.3 million profit. The crypto analysis firm PeckShield revealed this surprising development.
The revived wallet currently holds 2995.11 BTC acquired back on May 7, 2016 when the cryptocurrency’s price was around $459 per coin. The initial investment of approximately $1.37 million has now grown by 5925.71% over the past six years.
PeckShield’s analysis shows that the coins within the wallet have been transferred to two new addresses, a move that suggests the coins won’t be sold immediately. The exact reason for the transfer is still a mystery, with some speculating it could be the investor reorganizing their portfolio.
This is not a standalone case. Recently, another Bitcoin wallet woke up after nearly three years of inactivity, moving about 5,000 coins valued at around $140 million. In August, a 13-year-old wallet sprang back to life, transferring close to 1005 BTC worth approximately $29.7 million.
The revival of these dormant wallets could be attributed to several factors, including changes in regulatory conditions in the investors’ home countries or the investors looking to secure their holdings. Some may even be looking to cash in on their investments amidst speculations of a potential drop in BTC prices.
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