This OG Bitcoin Investor Just Turned $120 Into $178M

A
bitcoin

(BTC)
whale
moved
2,000
BTC,
worth
$178
million,
to
Coinbase
after
holding
their
stash
since
2010,

Mempool
data
shows.

The
user
first
received
BTC
in
2010,
when
the
asset
was
worth
just
$0.06
per
coin
and
had
a
market
cap
of
around
$250,000.
Trading
volume
at
the
time
rarely
topped
$60,000
per
day.

Inflows
to
an
exchange
typically
suggest
that
the
BTC
will
be
liquidated.
The
transfer
follows
a
trend
of
dormant
bitcoin
wallets
becoming
active
in
light
of
the
recent
market-wide
price
surge
after
Donald
Trump’s
U.S.
election
win
earlier
this
month.
Glassnode
shows
a
recent
uptick
in
wallets
that
have
been
inactive
for
more
than
five
years,
with
the
figure
reaching
a
two-month
high.

Bitcoin
is
currently
trading
at
$88,532
after
cooling
off
from
a
rally
that
saw
it
set
a
record
high
of
$93,214
on
Wednesday.

The
trend
of
more
of
the
older
wallets
that
held
bitcoin
from
its
early
days
coming
out
of
the
woodwork
could
continue,
as
they
might
be
able
to
bag
massive
profits
at
current
price
levels.
Such
moves
could
limit
any
additional
price
upside,
even
though
some
traders
are
still
optimistic
that

bitcoin
could
reach
$100,000—a
key
psychological
level
of
resistance—by
year-end.

However,
Chainalysis

estimated
that
between
3-4
million
BTC
has
been
“lost
forever”
due
to
irretrievable
private
keys,
meaning
some
of
these
“OG”
wallets
may
never
be
able
to
cash
out.