Bitcoin OG Sells

Benzinga

A decade-inactive Bitcoin whale began selling half of its holdings, realizing over $500 million in profits and raising concerns as early-era Bitcoin supply returns to the market.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03A Bitcoin whale inactive for more than a decade has begun selling half of its holdings,

00:07locking in a 31,250% return, according to a blockchain report.

00:13The wallet, known as 5KBTCOG, bought 5,000 Bitcoin in 2012 at $332 per coin.

00:21It has sold 2,500 Bitcoin for about $265 million at an average price of $106,164.

00:30Look & Chain reported that another 500 Bitcoin worth $47.77 million was transferred to Binance.

00:38The selling has occurred in batches of 250 to 500 Bitcoin across at least 10 transactions over 5 months.

00:45The wallet still holds 2,500 Bitcoin, valued at about $237.5 million.

00:50Total profits now exceed $500 million.

00:54Long-term holders are celebrating the patience behind the trade,

00:58while traders are uneasy as once-dormant post-Satoshi-era Bitcoin has become liquid,

01:03and half of it has already been sold.

01:05For all things money, visit Benzinga.com.

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