A Bitcoin (BTC) holder from the Satoshi era has struck a remarkable profit of 965,517,137% following a recent sale of their coins. This eye-catching development was highlighted by CryptoQuant analyst Maartunn, who referred to it as a “wild on-chain story of the day.”
According to Maartunn”s insights shared on X, the trader in question sold off old coins that had been dormant for years. Originally, the wallet held 13 BTC, and since 2018, the owner has been selling approximately 1 BTC annually. Just three days prior, the holder sold 1.02 BTC for an estimated $84,000. These coins were mined back in 2013 through Slush Pool, which is now known as Braiins, marking it as the first mining pool ever established.
The initial realized price for these coins was merely $0.0087, translating to less than a cent. Thus, the sale of 1 BTC for about $84,000 results in a staggering gain of over 9.6 million times the initial investment, equating to the aforementioned profit percentage.
This transaction is particularly legendary within the cryptocurrency market, as the trader is an early miner who held their assets through multiple market cycles and is now reaping the benefits. They mined BTC when the network difficulty was minimal, with electricity being their only significant cost. Remarkably, this holder did not sell during the bull runs of 2011, 2013, 2017, or 2021, nor were they deterred during market downturns. Currently, they continue to cash out one Bitcoin per year while their remaining holdings appreciate in value.
In related news, institutional interest in Bitcoin appears to be waning. Alongside the old miner”s sell-off, institutions such as BlackRock have been adjusting their positions. On November 24, BlackRock transferred 2,822 BTC to Coinbase Prime, which sparked discussions in the crypto community regarding their ongoing sales strategy. Recently, the asset manager liquidated over $2 billion worth of Bitcoin and Ethereum, underscoring their continued pullback from the market.
As the market shows signs of a potential recovery, with Bitcoin climbing back toward $87,500, BlackRock remains resolute in its selling approach. Just last week, the firm was criticized for not seizing the opportunity to acquire more Bitcoin following the recent price drop, a sentiment echoed by prominent short seller Jim Chanos, who questioned the strategy of Michael Saylor, the Chairman of Strategy.
