CryptoQuant CEO Ki Young Ju has disclosed that early Bitcoin miners have netted substantial profits of approximately $550 million in 2024, primarily within the $62,000 to $70,000 price range. This remarkable gain underscores the significant financial rewards that can be achieved through optimal market timing.
These early miners, who were among the initial adopters and transaction validators on the Bitcoin network, have seen a notable return on their investment this year. Data reveals that they capitalized on the Bitcoin price surge, securing significant profits.
Notably, several Bitcoin wallets from the “Satoshi era”—the period from late 2009 to 2011 when Bitcoin’s pseudonymous founder, Satoshi Nakamoto, was active—have been reactivated since the start of 2024. In May, a dormant wallet of 14 years moved 2,000 BTC, likely to an OTC desk or custodian, as the coins were quickly distributed to multiple fresh addresses.
The $62,000 to $70,000 price range proved particularly lucrative for these early miners, coinciding with Bitcoin nearing its all-time high. This period provided an ideal window for miners to sell their holdings at premium prices.
Bitcoin’s value has quadrupled since early 2023, reaching an all-time high of $73,798 in March, driven by demand for specialized U.S. exchange-traded funds (ETFs). However, the recent surge has slowed, and ETF inflows have also decelerated.
On Tuesday, Bitcoin, along with the broader cryptocurrency market, experienced a sharp decline, hitting a low of $64,010 amid global economic concerns and reduced summer liquidity. At the time of writing, Bitcoin was down 0.52%, trading at $64,998, according to CoinMarketCap, marking its first dip below $65,000 since May 16.
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