Bitcoin Whale 2010

Yesterday reactivated the bitcoin address of the 2010 Whale.

A dormant address containing 489 #BTC ($20,242,263) was activated only after 11.4 years (worth $50 in 2010)

– Whale Alert (@whale_alert) March 10, 2022

2010 Dormant Bitcoin Whale Address

This is address 17QBWJCGV4QbQhLbhcS7d9yB2S7DPLf4N9, whose first transaction dates back to October 28, 2010.

Prior to yesterday's transaction, the address had never sent any BTC. In fact, it didn't receive BTC until last June, although the only notable transaction was the first one, when it received 489.09 BTC.

Yesterday, more than 489 BTC were sent from this address, totaling about $19 million.

The fact that all BTC held at that address is sent to a new address that has never received any bitcoin before suggests that this could also just be a technical move, such as transferring funds to a cold wallet.

In October 2010, Cold Wallet did not exist.

Notably, the address that sent 489.09 BTC in October 2010 appears to have been part of a fairly active wallet at the time, with several transactions initiated from different addresses that month.

It is therefore safe to assume that it was a very active whale in 2010, but then effectively ceased such activity over the years.

At the time, the price of Bitcoin was about to have its first big bull market.

Bitcoin 2010 In 2010, the price of bitcoin still saw its first bull market, rising from $100 to $20 million

At the end of October 2010, the market price was about $0.20, but by early November it had almost doubled.

A few months later, in February 2011, it rose to $1 and even jumped to more than $32 by June.

So the 489.09 BTC received at the end of October was worth less than $100 when it was received, but a few months later its value had jumped to over $15,000.

Since then the price has never fallen below $2, so the minimum value of this 489.09 BTC never fell below $1,000. This would justify not using them, as $100 first becomes $1,000 and then over time becomes almost $20 million.

The post Bitcoin: The Whale's Awakening 2010 appeared first on The Cryptonomist.