A long-forgotten Bitcoin wallet has finally seen some action after 11 years of dormancy. As reported by Peckshield Alert, the address “1MMXRA” was reactivated and transferred 412.23 BTC, worth over $9.5 million.
The address first purchased the BTC in September 2012, at a time when Bitcoin was trading near $12.36. Over the years, the cryptocurrency has seen significant growth, allowing the owner to make a profit of $9,571,542.
It is uncertain whether the owner held onto their Bitcoin for 11 years with unwavering conviction or if the wallet was only unlocked recently. Regardless, this serves as a testament to the staying power and potential rewards of holding onto Bitcoin in the long term.
Bitcoin LTHs On the Rebound
Glassnode’s latest weekly report sheds light on the long-term Bitcoin holder (LTH) cohort and its persistent losses since the LUNA collapse. Despite the setbacks, signs of recovery are starting to take shape, with a potential uptrend in LTH-SOPR.
The price surge has buoyed aggregate on-chain cost-basis models, improving the market’s financial standing. The momentum metric is now closing in on an equilibrium breakpoint similar to the recoveries seen in 2015 and 2018. In the past, breakouts above this point have signaled a shift in the macro market structure.
The short-term holder (STH) cohort has already started profiting, with STH-SOPR trading sustainably above 1.0 since March 2022. This reflects the large volume of coins acquired at lower prices. The overall market is also seeing a return to profitability after a long period of heavy losses.
The Adjusted Reserve Risk metric provides insight into the behavior of the HODLer class. As this cyclical oscillator approaches its equilibrium position, with 55% of trading days below its current value, it suggests a decline in the opportunity cost of HODLing and an increase in the incentive to sell.
Previous breakouts above the equilibrium point have signaled a shift from HODLing to profit realization and a rotation of capital from older bear market accumulators to newer investors and speculators.