The cryptocurrency market has seen a spike in activity among long-dormant Bitcoin whales in recent months, and the latest one just woke up after more than a decade. This week, another early Bitcoin investor, holding 18 BTC, emerged from hibernation.
According to a report by Whale Alert, a Bitcoin address, “1PNRpMZ,” inactive since November 2013, has come to life, moving part of its funds to two new addresses: “3EgCi” and “15UaJb.” The investor chose older Bitcoin address formats instead of the newer Bech32 format, often favored for more efficient transactions.
Bitcoin addresses come in three main types:
- Legacy addresses (starting with “1”), which offer basic functionality.
- P2SH addresses (starting with “3”), used for more complex transactions like multi-signature wallets.
- Bech32 addresses (starting with “bc1”), the latest format optimized for lower fees and better scalability with SegWit technology.
This early Bitcoin investor’s address choice highlights an interesting decision to stick with the Legacy and P2SH formats. With 18 BTC worth $1.15 million today, their investment has grown 10,408% since 2013 when the BTC was worth just $10,883. This translates to an average annual return on investment of 946.2% for each year held.
The bulk of this whale’s Bitcoin, now valued at over a million dollars, remains in their Legacy address 1PNRpMZ. It’s a fascinating glimpse into how early investors are managing their fortunes as Bitcoin continues to evolve.
