Early bitcoin adopter has moved 100 BTC for the first time after mining the coins over ten years ago. Within this time, the value of the tokens has exploded more than 600,000 times to about $5 million.
Interestingly, further data revealed that similar OG miners had moved substantial chunks of BTC to exchanges at times close to a local price top.
100 BTC on the Move 11 Years Later
The ever-vigilant crypto community recently caught an intriguing transaction taking place on the Bitcoin blockchain. It shows a veteran miner who had received two Coinbase rewards each worth 50 BTC almost 11 years ago (mined on June 10th, 2010) had decided to move the coins.
Some old coins moved today (100 BTC from June 2010).
It’s very rare to see pre-GPU era bitcoins move, it only happened dozens of times in the past few years.
And no, it’s probably not Satoshi. pic.twitter.com/0jZXnmWUes
— Antoine Le Calvez (@khannib) February 24, 2021
Further examination shows that the first transfer ended up on a German peer-to-peer exchange called Bitcoin.de, while the second batch of 50 BTC sits in another recently-created address.
Data following bitcoin’s price performance since its early days indicates that the asset’s first significant increase came approximately in those months when it skyrocketed from $0.0008 to $0.08. Consequently, even if these 100 coins were mined at the price peak, this still represents a mind-blowing ROI within the next less than 11 years.
As of writing these lines, BTC is just shy of the $50,000 price tag. This means that the cryptocurrency has surged by almost 62,500,000%, and if the veteran miner decides to cash out his quite substantial profits, he can pocket about $5 million.
Early BTC Miners
The blockchain analytics firm Glassnode also touched upon several recent transactions in which the sender had mined his stash at least ten years ago. The company tracked the so-called OG miners moving 1,000 BTC to exchanges and concluded that each transfer came right before “near-perfect local tops.”
10 years. Source: Glassnode” width=”2374″ height=”1322″ srcset=”https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9.jpg 2374w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-300×167.jpg 300w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-1024×570.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-768×428.jpg 768w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-1536×855.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-2048×1140.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2021/02/PIC1-9-50×28.jpg 50w” sizes=”(max-width: 2374px) 100vw, 2374px” />
Bitcoin Spent Outputs With Lifespan > 10 years. Source: Glassnode
As the graph above illustrates, such transfers occurred when BTC jumped to $30,000 and $40,000 and retraced rather sharply in the following days.
Additionally, CoinMetrics data shows that the number of bitcoins on the move has reached a new all-time high. The BTC liveliness metric, which increases when investors spend their coins and vice-versa, has surged to 0.613. The last time it was nearly this high was just after the 2017 parabolic price increase and prior to the year-long bull market, in which BTC dropped to $4,000.
Bitcoin Liveliness Metric. Source: CoinMetrics
Title: Someone Just Moved 100 Bitcoins Now Worth $5M That Only Cost $8 in 2010
Sourced From: cryptopotato.com/someone-just-moved-100-bitcoins-now-worth-5m-that-only-cost-8-in-2010/
Published Date: Thu, 25 Feb 2021 17:38:26 +0000