Mystery $1 Billion BTC Wallet Makes Transfers for First Time in Years
A recent discovery of a BTC wallet containing up to $1 billion in bitcoin becoming active and making transfers for the first time in more than four years has shocked the crypto community. Reddit users, particularly @sick_silk, who originally discovered the anomaly, have taken to forums to speculate, discuss and analyze the mystery wallet.
Theories surrounding the owner of 111,114 BTC vary, from some believing it is one of Satoshi Nakamoto’s wallets, to others thinking it might be a Silk Road sell-off fund. Some simply believe it is just a long-term investor holding on to his coins.
The initial transactions recorded by the anonymous user totaled to a sum of USD $115 million divided across several cryptocurrency exchanges, including Binance and Bitfinex. For the last week, the wallet owner began moving BTC in chunks to various wallets and exchanges.
Speculators believe it might be the case that the holder recently decided to be more active in the market, however, since he has exchanged nearly all of his BTC, it may seem that he has determined that it is the right time to sell and collected his profits. The worth of the wallet’s total funds was $71.5 million when they were placed nearly four years ago.
The community has long thought that 4 million BTC were lost in inactive wallets forever. It has now come to light that this is most probably not the case. This is because while many investors choose to be active in the market, others would prefer to invest in cryptocurrency and leave their coins for years before they decide to sell at the right time.
Users believe that the market may develop a downward trend because of re-activated wallets. However, BTC may be stronger than it was years ago- consumers now trade BTC worth billions of dollars on daily basis.