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Unknown Entity Burns 107 Bitcoin Worth $8.5M to Old Burn Address on Monday

GateNews
On-Chain Data
BTC-2.46%
According to Galaxy Research, an unknown entity burned 107 Bitcoin worth approximately $8.5 million on Monday by sending the coins to an old burn address beginning with "11111," making them provably unspendable. The transfer lifted the total amount of Bitcoin sent to that burn address to 807 BTC, worth about $59 million at press time, according to Arkham data. The burn is notable because most coins were acquired roughly 12 years ago when Bitcoin traded below $600, representing an unrealized gain of approximately 12,700%.
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