12-Year HODL Pays Off: Bitcoin OG Moves 750 BTC ($83.11M) to Binance at 907x ROI

A long-term Bitcoin holder caught the attention of the crypto community today when he transferred 750 BTC, valued at approximately $83.11 million, to Binance. Data Nerd identified this transaction in an X post, specifically pointing to the staggering gains the whale made by simply buying Bitcoin and doing nothing else.

For context, the Satoshi-era Bitcoin whale with wallet address “bc1q5n” transferred the bitcoins to Binance at 08:27 (UTC) on Wednesday at a jaw-dropping $83 million profit. He acquired the stash at $122 per coin twelve years ago and held through several bull and bear markets, selling today at a 907x return on investment.

Whale Sits On $550M Profits

Meanwhile, Bitcoin OG began his journey in 2013 when he purchased 5,000 BTC at an average price of $332 per coin. However, after Bitcoin broke the 90,000 price mark in December last year,  the long-term investor started selling a considerable amount of his Bitcoin stash.

Data from Lookonchain further buttressed the whale’s transactions, revealing that it sold 1,750 BTC worth $189.3 million at an average price of $108,160 in December. Despite dumping a considerable amount of his assets, data shows that the OG is still cruising on a total profit $550 million from his initial investment.

Notably, the recent move adds to the list of lengthy old wallets that are waking up to sell their Bitcoin holdings. Interestingly, some are even switching sides, FOMOing into Ethereum at the expense of their holdings of the pioneering cryptocurrency.

For context, on August 25, CoinTab reported that a seven-year dormant whale with 100,784 BTC offloaded a considerable amount of their Bitcoin stash in exchange for Ether. This reflects institutional confidence in the altcoin king, as spot Ethereum ETF attracts more inflows.

Whale Moves Bitcoin Amid Mixed Market Reaction

The Wednesday sell-offs coincided with a broader market rebound, which has seen Bitcoin reclaim $111,000. The asset has rebounded slightly in the past 24 hours, but considerably from its low of $108,757 yesterday.

The dump stemmed from macroeconomic headwinds and whales who took profit following Bitcoin’s rally to a new all-time high of $124,457 on August 14. With the selling pressure receding, Bitcoin and the broader market have experienced a surge in value over the past day.

Still, analyst Ali Martinez warns of more downsides. He shared in a recent X post that Bitcoin may target $106,000 and $100,000 next, following a channel breakdown. At the time of writing, BTC trades at $111,261.

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