Small Bitcoin Investments Surge to $1.7 Million
According to Galaxy Research, the historical average cost basis for a batch of 10.33 $BTC was about $4.
The analytics firm reported a profit of roughly $872,000, translating to a staggering increase of 2,192,671%.
The additional 10.10 $BTC had an estimated cost basis of just around $3 per coin.
In total, Galaxy estimated that the earnings from both sets of old outputs reached approximately $1.724 million.
Galaxy Research did not provide any information regarding the sender or the recipient of these transactions.
Revival of Old Bitcoin Holdings
This month has witnessed a remarkable pattern of transactions involving coins that had been left untouched for periods ranging from four to over 16 years.
A significant event occurred on September 5, when 12 wallets, each holding 50 $BTC, transferred a total of 600 $BTC, which had not moved for more than 16 years.
The coins originated from mining rewards earned back in March 2010.
At the time, the 600 $BTC was valued at approximately $48 million. These old outputs were consolidated into new, previously unregistered Bitcoin addresses. Blockchain analysts found no proof linking these coins to Bitcoin’s creator, Satoshi Nakamoto, despite their very early origins.
During the initial five days of the month, approximately 626.74 $BTC from long-inactive wallets were transferred for the first time in years. This included eight wallets dating back to 2013 that collectively moved 25 $BTC each within about 25 seconds.
Galaxy Research tracked four wallets that had remained dormant for at least ten years, which moved a total of 1,971.03 $BTC between September 6 and September 22.
An even older wallet containing 10.25 $BTC also became active after being dormant since March 2011.
On September 19, another wallet from 2011 transferred 100 $BTC, valued at about $8.09 million.
Just three days later, on September 22, a wallet that had been inactive since July 2012 moved 600 $BTC worth around $51.9 million.