Thirteen years is a long time to do nothing, but one early Bitcoin player did just that. Lookonchain revealed that he was sitting in a stash pulled from Mt Gox when the entire pile was barely worth the price of a used car, but now that the market is in turmoil and traders are scrambling to get ahead, he has finally sprung into action.
In one push, 300 BTC (approximately $33.47 million) was transferred to Binance, a move that goes beyond paper profits and rewrites the math behind why we call it “magical internet money.”
This number is ridiculous. A coin purchased for $11, with total withdrawals worth $8,151 at the time, is now up over 410,624%. This is before counting the remaining 590 BTC still in the original address’s cluster.
This was no random wallet rotation either. Last year, he shuffled 159 BTC into a new wallet and left it there. Once again, you have actual coins in your exchange wallet, a sell button within reach, and one click to collapse your history into the present.
Bitcoin market under pressure
Even more important here is the market context, with BTC falling hard to the $100,600 zone before rebounding towards $111,900, accumulating at least $16 billion in liquidations, traders wiping out big bucks, and leverage being depleted.
Into that chaos was dropped an OG with coins older than most exchanges, and whether he sells it all or just some, the signal is already out. The potential damage is immense as the old supply is not gone and these coins lie deep within the blockchain.
