A Bitcoin whale, often referred to as an ‘ancient’ whale due to its long dormancy, has stirred from its slumber after over a decade, transferring $634,000 worth of Bitcoin to the cryptocurrency exchange Kraken. The movement was highlighted by on-chain analytics firm Arkham Intelligence, who noted that the Bitcoin was mined just one month after the genesis block of Bitcoin, making it a relic from the early days of cryptocurrency.
This isn’t the first time a ‘Satoshi-era’ whale has woken up and moved its Bitcoin. Just last week, Arkham revealed a similar transaction by a whale who had been holding their Bitcoin since 2009. In total, this latest whale has transferred $4.21 million worth of Bitcoin to Kraken, with the recent transfer reducing their stash to $73.4 million.
The activity of these ‘ancient’ Bitcoin whales is closely watched by the cryptocurrency community. As holders of a significant amount of Bitcoin, their transactions can have a notable impact on the market. Transfers to exchanges are often interpreted as signals of an impending sale, however, there’s no concrete evidence to suggest this is the case at the time of writing.
These movements are a reminder of the potential for ‘dormant’ Bitcoin to enter the market. It also serves as a testament to the longevity and enduring appeal of Bitcoin, which has continued to attract interest even as it has aged. It remains to be seen what impact these latest movements will have on the market, but the activity of these ‘ancient’ whales is sure to be closely monitored by the cryptocurrency community.
