On October 28, 2010, the wallet address in question completed its initial transaction.
Over 489 BTC were sent from this address last week. The BTC in question was worth about $20 million in total. The whale season has begun. A 2010 Bitcoin (BTC) whale wallet was reactivated last week. Whoever was wise enough to own a significant amount of Bitcoin in 2010 is now a very wealthy person.
About the activated old BTC wallet
In question is the wallet address 17QBWJCGV4QbQhLbhcS7d9yB2S7DPLf4N9. Additionally, the initial transaction was made on October 28, 2010. It had never sent Bitcoin to this address prior to the transaction. In fact, it only accepted cryptocurrencies up until last June. The first transaction, in which it received 489.09 BTC, is the only one that merits attention.
Over 489 BTC worth of transactions were transferred from this address yesterday, totaling about $20 million. It is also possible that it was a purely strategic move given that all of the Bitcoin at the address was transmitted to a brand-new address that had never before received any Bitcoin. An illustration would be transferring money to a chilly wallet. Cold wallets did not exist in October 2010.
Whale Activity
It's important to note that the wallet from which 489.09 BTC were sent in October 2010 appears to be highly active, as multiple transactions from various addresses were started from that wallet this month.
Therefore, it is safe to believe that the individual was a whale in 2010 who was quite active before ceasing to be for a very long time. The first significant bull market for Bitcoin was set to begin at that time.
HODL succeeds from $100 to $20 million.
BTC was trading at about $0.20 at the end of October 2010. However, it had virtually doubled by early November.
February 2011 saw a price hike to $1.00 a few months later. It even reached a record high above $32 in June.
Therefore, the 489.09 BTC that was received at the end of October was only worth about $100 at the time. Its value climbed to almost $15,000 a few months later.
The cost never again dropped below $2 after then. That 489.09 BTC's minimum value never dropped below $1000 again. That would excuse their inaction. $100 became into $1000 and eventually almost $20 million.
