A crypto whale with the wallet tag “bc1qlf” has reportedly cashed out 750 Bitcoin worth $83 million after holding the coins for more than a decade.
According to on chain data, the trader initially bought 5,000 Bitcoin back in 2012 for only $332 each. At that time, the whole stash was worth less than $2 million.
For years, the coin stayed untouched. The whale started selling after the bitcoin price went above $90,000. Since then, the wallet has sold about 1,750, which is worth around $189 million. Even after the sales, it still holds 3,250 Bitcoin, valued at about $361 million.
At first, the whale sold a small amount of 100 to 250 Bitcoin to Binance. Later, bigger amounts were transferred including a 1,500 Bitcoin worth $166 million. This is one of the largest single transactions from the whale.
From the original amount spent to buy the token in 2012, the whale has already made $550 million in profit. That is about 331 times more than the starting value.
At the time of writing this report, Bitcoin is trading for $112,028. According to data from CoinMarketCap, the token is up 1.73% from the previous day, after surging from an intraday low of $109.730.
However, trading activity is down by 20.4% today, resulting in $62.07 billion in trading volume with $2.23 trillion in market valuation which has also surged 1.73% over the same period.