Ancient Bitcoin Wallet Comes Back To Life After 12 Years; Owner Rakes Millions In Profits ⋆ ZyCrypto

• Satoshi-era Bitcoin holder transfers 139 BTC after 12 years, making a staggering $3.5 million in profit with recent prices. 
• Over 3000 BTC from ancient supply has been reintroduced to the market this year, spurring the community’s curiosity. 
• BTC trades at $27,388, rising 2% in the past 24 hours as the top asset seeks to reclaim $28,000 despite wider economic uncertainty.

The massive uphill run of Bitcoin (BTC) this year has led to several hodlers being active once more in a bid to make profits after many years in silence.

A Bitcoin holder has transferred 139 BTC from address 1H1Ab6 to a new Segwit address bringing the dormant wallet to life after 12 years. The coins were purchased in June 2011 for $2,250 without any form of activity until last week.

At the present market, the assets are worth about $3.5 million making another crypto millionaire from hodling this year. This year has seen a new spark in the number of Ancient Supply coming trickling into the market.

Assets referred to as Ancient Supply are cryptocurrencies purchased at least seven years ago although this year has seen much older coins make their return. According to a Glassnode report, 3,200 ancient BTC has made a return and of that number, 1,100 are over a decade old. 

The reason for hodlers taking profits this year isn’t far-fetched. After a bearish market outlook in 2022, with BTC shedding over 55% in value, the top asset has gained over 72% year to date, making it a perfect time to make trades.

Despite assets making their way back to circulation, several analysts feel the majority of ancient supplies totalling over 3 million BTC have been lost.

Is re-circulation out of the question?

While over 3000 BTC have been reintroduced into the circulating supply, some will just never trade hands again due to the nature of digital assets. Several commentators have cited the Satoshi stash, lost private keys, and burned Bitcoin as key reasons.

Satoshi Nakamoto, the pseudonymous Bitcoin founder, is speculated to have mined about 1.1 million BTC in the first few months of creation and has left the scene without transferring these assets to the circulating supply. This has reduced the asset’s circulating supply by 5.9%. 

Users losing private keys also accounts for a decline in the circulating supply because of the nature of cryptocurrencies. Although lost keys only amount to little assets, in some cases, users have lost a huge number of coins. A typical example was the unfortunate incident where a man discarded a hard drive with 7,500 BTC.

As the value of BTC rises, whales with large stashes will reintroduce their assets to the market; however, some will never be traded anymore.