Sunday, January 24, 2021

A Bitcoin Whale Holding 68,000 BTC worth $525M Has Not Moved It for 5 Years; Has Possibly Lost Access Forever

As per a report, a Bitcoin whale holding 68,000 BTC worth $525 Million, has not moved it since April 2015, attaining new status as a long-term investor. It also possibly indicates that the holder has lost access to the fortune forever after misplacing private keys.

The information was shared by CoinMetrics.io, the cryptoasset market and network data APIs, analytics, and research, via its official Twitter handle some hours ago.

Crypto data channels carefully track how much Bitcoin is moved, so as to assess the health of the network and measure the level of interest among BTC investors.

The number of long term holders and how long they hold their Bitcoin fortunes will determine the scarcity of the digital asset, as the network advances to its total supply of 21 million BTC.

CoinMetrics.io Reports Bitcoin Whale Holding 68,000 BTC For 5 Years

According to CoinMetrics.io, the Bitcoin whale just graduated to a 5-year HODler. It stated that 68,000 BTC moved out of the 5-year active supply band last week, which implies that the last time the whale in question made on-chain transaction was in April 2015.

“A large Bitcoin whale just graduated to a 5yr HODLer. Last week 68k BTC moved out of the 5yr active supply band, indicating that the last time they moved on-chain was in April 2015” CoinMetrics.io reported.

Why the Bitcoin (BTC) Whale’s Holdings Remain In Place for Long

Going by the report of a blockchain data analytics firm, Chainalysis, about 2.3 to 3.7 million BTC are seemingly lost forever, which implies that their owners have lost access to the fortunes by misplacing their private keys.

In calculation, the number of BTC that are lost forever represent relatively 1/5 of the total market capitalization of Bitcoin. Chainalysis assumes that wallets with BTC that have not effected on-chain transfer since 2014 would forever be inaccessible.

In conclusion, for 68,000 BTC worth $525 million to remain unmoved for 5 years, two things could be involved. The Bitcoin whale is either holding the fortune as a long term investor, or he has simply lost the access to the huge fortune forever.

Tobi Loba
Tobi-Loba is a creative and an award-winning writer with over 5 million readers from all over the world. She has B.A in English and Literature from a reputable University and currently studying for her M.A in the same field. She recently became a contributor at Herald Sheets in order to satisfy her thirst in reporting crypto and blockchain occurrences, the interest she built over the years.

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