HODLers move 200,000 BTC from 2013

Bitcoin dinosaur awakes: HODLers move 200,000 BTC from 2013

Bitcoin price rises sharply in price and can record price gains. The picture shows a price curve and stacked Bitcoins.

Recent data from Unchained Capital an Crypto Trader show that old Bitcoin dinosaurs from 2013 are apparently using the current time to move a large part of their BTC. In this article we want to take a look at the so-called HODL Waves and understand what is actually behind this term.

Bitcoin stocks to move again between 2013 and 2015

Especially in the world of Bitcoin, the „buy and hold“ mentality is very strong. In the classic financial world, one speaks of an investment behaviour that is characterised by buying an A share and then holding it for a long period of time.

In the crypto world we call this phenomenon HODLen. It is not uncommon for investors to choose an investment horizon of several years and thus consider Bitcoin as a long-term investment.

A recent analysis by Unchained Capital now shows that Brund 200,000 BTC, which were inactive for 5 to 7 years, were moved in the current price rally.

Nearly 1% of the total supply of #bitcoin moved out of long-term storage (>1 year in the same address) during the price run-up from $13,700-$19,670 in November.

61.43% of the supply of bitcoin has not moved out of long-term storage (>1 year in the same address) during the price run-up from $13,700-$19,670 in November. #HODLwaves, h/t @glassnode https://t.co/by2nmlXQIJ pic.twitter.com/WPrserjaSN

– Unchained Capital (@unchainedcap) December 3, 2020

So, as the chart above shows, some investors have moved their „old“ Bitcoin. From the current perspective, the early investors were able to make enormous profits with BTC.

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Profit taking from long term investors

For example, the Bitcoin price was between USD 134 and 1150 in the period from 2013 to 2015. This means that those who invested in the crypto currency 7 years ago could now record profits of around 1500 up to almost 14,000%!

The following chart now shows the Bitcoin UTXO chart

If you have never heard of the term and are looking for a detailed explanation, we recommend the article on Bitcoin UTXO.

Due to the recent movements, the picture of the UTXO Age Distribution is shifting. Above all, this shows that some investors have probably not „lost“ their Bitcoin, but were deliberately waiting for a renewed price increase.

While some analysts still assumed in 2018/2019 that many Bitcoin would have had to be moved in 2017 with the all-time high at that time, we now see that investors were probably waiting for another bull run.

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The news spy: A curious Exit-Scam

This is an unusual case even for the crisis-ridden crypto community: After the exit scam of the South Korean ICO Pure Bit, the founders show themselves purified and now want to compensate their victims.

It sounds like the news spy plot for a bad thriller

After the founders of the Pure Bit crypto exchange collected about 30 million US dollars in ether at the beginning of November, the news spy decided against the promised foundation and instead donated 13,000 ETH instead. The founder closed all social media groups and left the unsuspecting victims with the message „I’m sorry“. But that was not all. After only two weeks, the news spy founder apparently changed his mind and wanted to repay the stolen ether.

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New Korean exchange Pure Bit just pulled an exit scam claiming 13,000ETH from its investors as we speak. Kakao channels are emptying and the site has been pulled.

This is why we can’t have nice things. Karma comes back hard when you screw this many people over.

Then the turnaround
It is true that the case had caused little stir in this country. In South Korea, however, Pure Bit called all major media as well as the investigating authorities into action after the exit scam. This circumstance, as well as the sheer height of the stolen property, now seems to have moved the founders of the ICO to their 180-degree turn. As the news platform BlockchainROK announced via Twitter, the founder made a statement in the course of public pressure on 15 November. In it he shows himself purified and announces the exit of the exit:

The wording of the statement reads like this:

„This is Pure Bit speaking. First of all, I would like to apologize to everyone who was affected by the ICO. Since 5 November I have collected 16,000 ETH and not opened a crypto exchange as promised. I threw all my customers out of our social media chat groups and disappeared without a message. This has had a negative psychological and financial impact on investors.“

and further:

„I made an unforgivable mistake that cannot be undone, blinded by money. Less than a day has passed and I have already begun to suffer from feelings of guilt. Although it cannot be compared to the plight of the investors, I also felt a considerable guilt. I sincerely apologize to all of the ICO’s investors who were affected by the incident.“

It is unclear whether the founder, driven by remorse, rowed back or collapsed under broad public pressure. Investors should nevertheless be pleased. Pure Bit’s memory of one of the most curious exit scams in recent history is probably the only thing left of it.