Crypto Giant from Early Days Transfers BTC to Exchange

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In the beginning, Satoshi created Bitcoin, and it was good… but nobody used it.

That’s why it’s especially strange that someone who mined a huge stash of Bitcoin only one month after it was created just moved a large chunk of it to a crypto exchange, after not having touched it for over a decade.

The “ancient” Bitcoin whale, first identified by crypto analytics firm Arkham Intelligence, moved nearly $3.6 million worth of Bitcoin to crypto exchange Kraken, according to blockchain data.

The mysterious holder has over 1,189 Bitcoins worth close to $77 million at today’s prices, according to Arkham.

Arkham first pointed out the whale on X (formerly Twitter) when the whale started moving their Bitcoin to Kraken last month after leaving it idle for 10 years.

ANCIENT BITCOIN WHALE JUST SENT BTC TO KRAKEN
A Bitcoin whale holding $77M BTC mined in Bitcoin’s FIRST 2 MONTHS just moved 5 BTC to Kraken.
In his address this whale still holds 1215 BTC ($77M).
His Bitcoin had been mined in 2009, in February and March – 1 MONTH after… pic.twitter.com/ZNo93P4AbQ
— Arkham (@ArkhamIntel) September 24, 2024

They again on Thursday sent another chunk of five Bitcoins to the exchange, Arkham said. Kraken is one of America’s biggest crypto exchanges.

The coins were minted during what is known as the “Satoshi-era” of Bitcoin, just after the network went live in January 2009 when the first “genesis” block was mined by Bitcoin’s pseudonymous creator Satoshi Nakamoto.

A whale in crypto jargon refers to a person or entity sitting on huge amounts of Bitcoin. It’s often the case that such investors don’t move their cryptocurrency for years.

Whales like the one Arkham pointed out today sit on astronomical gains: the price of Bitcoin held by this particular holder has risen over 16,700% in 10 years.

Big whale movements can spook investors who sometimes interpret that the holder is about to cash in on their gains. Bitcoin is still an illiquid market by traditional finance standards, and a big sale of the cryptocurrency can have significant downward pressure on the price of Bitcoin.

The price of Bitcoin now stands at $62,194, CoinGecko shows.

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Conclusion:

The mysterious movement of Bitcoin by an ancient whale has certainly raised eyebrows in the crypto community. The fact that this large holder, who mined Bitcoin in its early days, decided to transfer a significant amount of cryptocurrency after a decade of inactivity has led to speculation and intrigue.

Such whale movements can have a significant impact on the market, as investors closely monitor large transactions that could potentially signal a shift in sentiment or strategy by major holders. The price of Bitcoin, which has seen significant growth over the years, remains susceptible to such movements, highlighting the volatile nature of the cryptocurrency market.

As we continue to witness the evolution of Bitcoin and the broader crypto ecosystem, these extraordinary events serve as a reminder of the underlying mysteries and intrigues that surround this digital asset. Whether this ancient whale’s actions are a prelude to further market activity or merely a strategic move remains to be seen, but one thing is for certain: the world of cryptocurrency never fails to surprise us.

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