A significant Bitcoin owner who started mining the asset just five days after the genesis block was created in 2009 and hadn’t touched it until recently, has shifted another $630,000 to the Kraken exchange.
In the last two months, the “ancient Bitcoin whale” has transferred $5.47 million worth of Bitcoin to Kraken, according to an October 14 Arkham Intelligence report on X. It further stated that the whale wallet still contains $75.2 million in Bitcoin in spite of the latest actions.
The 1,127 Bitcoin that were left in the wallet were moved to a new wallet address after the transfer. Although bitcoin addresses from the early days of the blockchain don’t often move money, some owners might be trying to profit from the transactions.
On October 3, 10 Bitcoins, valued at $610,000, were transferred to Kraken by another early Bitcoin whale. The whale had lain asleep for a minimum of ten years, according to Arkham.
The company traced a second whale in September that started mining Bitcoin two months after the blockchain launched and returned fifteen years later to shift $16 million to the Kraken exchange.
Over the past year, there have been significant fluctuations in the value of Bitcoin, with prices as low as $28,000 and as high as $73,000 in March.
Positive momentum has also been observed in the market sentiment-tracking Crypto Fear & Greed Index, which has been hovering around the “Greed” region for the past two days. The most recent update, which was released on October 16, gave the index a score of 73 out of 100.
When Bitcoin was trading at about $66,000 on July 29, the index last registered a score higher than 73.
Conclusion
The movement of large amounts of Bitcoin by “ancient” wallets, which had been inactive for over a decade, is intriguing and raises questions about the motivations behind these transfers. The recent activity, including the transfer of $630,000 to Kraken and over $5 million in the past two months, suggests that early Bitcoin adopters may be looking to capitalize on current market conditions.
The fact that these transfers are happening alongside positive shifts in market sentiment, as indicated by the Crypto Fear & Greed Index, may imply that long-dormant holders are sensing an opportunity to profit from the recent Bitcoin price fluctuations. This increased activity by early whales could also signal larger movements in the market as these significant players become more active.
Reece Conner
Reece Conner is a leading expert in the cryptocurrency industry, known for delivering cutting-edge insights and practical guidance to both newcomers and seasoned investors. With a background in finance and technology, Conner bridges the gap between complex blockchain concepts and real-world applications.