Bitcoin made waves two years ago when the cryptocurrency rallied sharply in late 2017. In fact, a lot of crypto’s newly minted millionaires were those lucky enough to have bought tokens during the pre-rally days and unloaded it when BTC was nearing its all-time high.
But someone seemed to have missed the chance to make a killing during that 2017 rally. In fact, a total of 220,000 BTC that was bought back in November 2017, or around the time when Bitcoin started its dizzying climb, still remained unsold to this day, according to TNW.
According to CoinMarketCap’s data, Bitcoin almost reached $20,000 on December 17, 2019. At this point, the 220,000 BTC would have been worth around $4.4 billion.
However, research firm Delphi Digital revealed that the owner or owners of the tokens never made a move after their purchase. At the current price of over $7,100, the tokens’ worth is now down to around $1.56 billion.
TNW offers two possibilities why the 220,000 BTC never changed hands even at the height of the rally. One scenario is that they might be owned by strong hands or well-financed speculators and that BTC tokens might just be part of a larger portfolio. Another possibility being offered is that the owner/s of these tokens might have lost their keys to their crypto wallets.
Either way, the fact remains that they’ve lost their chance to make it big in 2017. Unfortunately, the BTC price has been on a downward trend for the past months which might mean that they’re going to have to wait for quite some time for favorable market conditions.
BTC has been trading near $9,000 at the end of October due to a spike in trading activity. Unfortunately, trading volume reached a six-month low by late November and price has been inching downward until the current $7,100 level.
One reason for the downtrend is the decrease of new money coming in. “Declining volume has been the trend since the high back in June, a symptom of a general decrease in new money entering the space,” Delphi analysts noted.
But it’s not all bad news though, according to Coindesk. According to the publication, BTC will likely bounce back to $7,300 after experiencing two-week lows.