Old Bitcoin Wallet Wakes Up to Cash Out $3 Million

An early Bitcoin investor who bought coins back in 2011 finally decided to move their stash. The wallet originally held just $120 worth of Bitcoin, and that same stash is now worth around $3 million after years of massive market growth.

Blockchain data shows this was not an isolated event. At least four other decade old wallets woke up between August 29 and September 4, moving a combined total of $15.7 million. At least one batch of these coins went straight to Coinbase, which usually means the owner is getting ready to sell.

Long term holders moving funds after many years always catches the attention of traders. Market watchers often keep an eye on these sleeping giants because large sales can create sudden selling pressure. We will have to see if more ancient wallets decide to cash out soon.