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 whaleās wallet still holds approximately $75.2 million worth of Bitcoin after these transfers. The walletās remaining 1,127 bitcoins were moved to a new address following the most recent transaction. Bitcoin addresses from the early days of the blockchain rarely move funds, making these transfers noteworthy.
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The ancient Bitcoin whale weāve been tracking, who mined BTC 5 days after Bitcoinās first block (13th January 2009), has just moved another $630K BTC to Kraken – totalling $5.47M in the past 2 months.
Thisā¦ pic.twitter.com/kjKx34Ib6BRelated: Crypto Titans Bunker Down Now: Vitalik’s Austerity Vow, Binance $1B Bitcoin Shield
— 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 rarely 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 Industry Now Mobilizes Against Perceived Quantum Threat
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 āGreedā 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.
