30s Summary

A Bitcoin “whale” recently transferred 2,000 Bitcoins, worth approximately $178 million, to Coinbase, signalling potential intentions to sell. This stash was acquired in 2010 when Bitcoin prices were $0.06 per coin compared to its current price of nearly $88,532. A surge in Bitcoin price post Donald Trump’s U.S. election win has made old Bitcoin wallets active again, particularly from the “Satoshi Era”. Consequentially, these transactions might limit the increase in Bitcoin prices. Between 3-4 million Bitcoins are estimated to be irretrievable due to lost private keys.

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So, here’s the lowdown: a major Bitcoin holder (also known as a whale) just moved a whopping 2,000 Bitcoins, about $178 million, to Coinbase. This is kinda a big deal because they’ve been sitting on this stash since 2010.

If you remember back in 2010, Bitcoin was trading at only $0.06 per coin! And now it’s closer to USD 88,532. Imagine the profits right?

Now, it’s usually suggested that someone transfers their Bitcoin to an exchange when they’re about to sell. This move could be connected to the recent surge in Bitcoin price after Donald Trump’s U.S. election win. It appears that quite a few Bitcoin wallets that were dormant for over five years have woken up.

But this isn’t the only instance. Other old wallets with Bitcoin from the early days have been getting active again as Bitcoin reached record highs this year. Some of these wallets had millions of Bitcoins from a period between 2009 to 2011, which is also known as the “Satoshi Era”.

It would not be surprising if these whales were planning to sell their Bitcoin for a huge profit, seeing the current prices. But always remember that these transactions might limit further increase in Bitcoin prices.

However, there’s another side to the story. It is estimated that about 3-4 million Bitcoins are thought to be gone forever due to lost private keys. So, some of these Bitcoin veterans might never get a chance to see the profits at all. Bit of a bummer, right?