Crypto whale raises $180 million after owning BTC for 14 years

On November 18, 2024By Pranco

A crypto whale has shocked the global crypto market by emerging from a fourteen-year hiatus to monetize its long-term investments in BTC.

The crypto whale in question has owned Bitcoin since 2010 and mined his Bitcoin assets when the crypto assets no longer had any value.

The crypto whale attracted attention when he started depositing BTC assets on various crypto exchanges.

These transactions were picked up by Spot On Chain, a popular analytics platform shared his findings with his X-community.

“Yesterday, a Satoshi-era Bitcoin wallet with 2,000 $BTC ($178 million) woke up after 14 years of dormancy!

In the last 24 hours, this wallet has deposited all its $BTC on exchanges including:
• 1,038.87 $BTC ($92.93 million) to #Coinbase
• 591.46 $BTC ($52 million) to #BitFlyer

369.66 $BTC ($33.04 million) to #Bitstamp” Spot on chain tweeted.

The whale in question mined the BTC holdings in the early days of crypto, known as the Satoshi era. The price of Bitcoin at that time was almost zero and the reward for the mining block was 50 BTC.

Today, the reward for the mining block is 3,125 BTC, which represents how long the whale will hold the token.

The Bitcoin whale was discovered when it started depositing all these cryptos on popular crypto exchanges like Coinbase, Bitstamp, and BitFlyer, catching everyone’s attention.

Crypto trading and the art of HODL

Crypto trading has a lot to do with timing and patience. The crypto whale in question here practiced a popular crypto strategy known as HODL. It simply refers to acquiring crypto assets and holding them for a very long time.

In the case of the crypto whale here, he held onto his Bitcoin assets for 14 years, witnessing the asset’s value increase, including crossing an all-time high this month.

The HODL strategy is the safest and surest strategy, but it requires a lot of time and patience.

Bitcoin’s November Rally Insight

Bitcoin has had a solid November, outperforming the so-called Uptober month of expected gains. In the first week of November, Bitcoin broke its all-time high of $73,737, following a Donald Trump victory in the polls.

The primary asset continued, rising to $93,000, a new all-time high. Several analysts believe that given its current trajectory, Bitcoin will cross $100,000 before the end of the year.

What you need to know

Crypto whales are large holders of crypto assets whose Onchain activity has the power to influence the market price of the asset they hold. Crypto whales range from over $1 million asset holders to $1 billion.
The Satoshi era in the crypto industry refers to the early days of Bitcoin, when the value of the assets was relatively peanuts. The era ranges from the launch of Bitcoin whitepaper in 2008 to approximately 2012.