Bitcoin 'OG' Sells After 12 Years, Locking in 31,250% Profit

A Bitcoin (CRYPTO: BTC) whale, inactive for more than a decade, has returned to the scene, offloading half of its Bitcoin stash and securing a profit of 31,250%.

The Bitcoin wallet, dubbed “5K BTC OG,” started selling its Bitcoin assets, originally purchased in 2012 for a mere $332 per Bitcoin. The wallet, which initially held 5,000 BTC, has sold 2,500 BTC, raking in approximately $265 million at an average exit price of $106,164.

As per the report by Lookonchain, an additional 500 BTC was moved to Binance, with a value of $47.77 million. This signifies the latest in a series of withdrawals from this 12-year-old holder.

The selling pattern seems methodical, with the OG transferring 250-500 BTC per transaction, distributing the outflows over a minimum of 10 Binance-bound transactions in the past five months.

The wallet still possesses 2,500 BTC, worth about $237.5 million, which may potentially be the next to hit the market.

Given that Bitcoin’s price is just shy of $100,000, a significant dump of this magnitude from legacy holders could further depress the market in an already dense resistance zone.

The OG's total profits now surpass $500 million, marking this as one of the most profitable HODL-to-exit arcs in Bitcoin history. 

While long-term believers are celebrating the “diamond hands,” many traders are on edge as these coins, which have been dormant since the early post-Satoshi era, are now active and liquid. Half of them have already been sold.