Lawrence Damilola
A long-dormant Bitcoin whale, who mined cryptocurrency just five days after the genesis block was created in 2009, has recently made significant transfers to Kraken, a major cryptocurrency exchange.
Blockchain data firm Arkham Intelligence reported that the whale transferred $630,000 worth of Bitcoin to Kraken on Monday. This follows previous transfers by the same wallet, totaling $5.47 million in Bitcoin over the past two months.
According to Arkham Intelligence, the whaleโs wallet still holds approximately $75.2 million worth of Bitcoin after these transfers. The walletโs remaining 1,127 bitcoins were moved to a new address follะพwing the mะพst recent transaction. Bitcoin addresses from the early days of thะต blockchain rarely move funds, making these transfers noteworthy.
๐๐ก๐๐๐๐ก๐ง ๐ฎ๐ฌ๐ฌ๐ต ๐ช๐๐๐๐ ๐ก๐ข๐ช ๐ฆ๐ข๐๐ $๐ฑ.๐ฐ๐ณ๐ ๐๐ง๐
The ancient Bitcoin whale weโve been tracking, who mined BTC 5 days after Bitcoinโs first block (13th January 2009), has just moved another $630K BTC to Kraken – totalling $5.47M in the past 2 months.
Thisโฆ pic.twitter.com/kjKx34Ib6BRelated: Industry Celebrates the New $70M Domain Mogul But His Crypto Shadows Linger
— Arkham (@ArkhamIntel) October 14, 2024
Other Early Bitcoin Whales Make Transfers
This whale is not the only early Bitcoin holder who moved funds recently. On October 3, another whale, inactive for over a decade, transferred 10 Bitcoins, valued at $610,000, to Kraken. In a similar case, a different whale who mined Bitcoin just two months after the blockchain’s launch moved $16 million to Kraken in September after being dormant for 15 years.
These movements from early Bitcoin whales are unusual, as such addresses rarะตly make transactions, raising interest in the reasons behind these transfers.
Bitcoin Price Performance and Market Activity
Bitcoin has seen notable price increases recently, coincideing with the whale movements. Over the past week, its price has risen by 7.45%, pushing its value to over $67,000. Over the past year, Bitcoin has experienced significant price swings, ranging from lows around $28,000 to a high of $73,000 in March.
Related: Crypto Titans Bunker Down Now: Vitalik’s Austerity Vow, Binance $1B Bitcoin Shield
Additionally, the Crypto Fear & Greed Index, which tracks market sentiment, gave it a score of 73 out of 100 in its October 16 update, placing it in the โGreedโ category. This marks the highest index level since late July when Bitcoin was priced at around $66,000. These recent developments in price and market sentiment may explain the activity among dormant wallets, though no clear reasons have been stated.
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LAWRENCE
Lawrence is a cryptocurrency journalist covering blockchain developments and digital assets.
