An “ancient” Bitcoin BTC/USD whale, who recently woke up after more than a decade of dormancy, transferred about $634,000 worth of the cryptocurrency to trading platform Kraken.
What Happened: On Monday, on-chain analytics firm Arkham Intelligence highlighted the movement via an X post. The Satoshi-era investor deposited about $634,000 in Bitcoin to the exchange, reducing their stash to $73.4 million.
Interestingly, the Bitcoins were created just a month after Bitcoin’s genesis block—mined by none other than the cryptocurrency’s mysterious creator Satoshi Nakamoto on Jan. 3, 2009.
As of this writing, the whale has transferred a total of $4.21 million in Bitcoin to the cryptocurrency exchange.
“Satoshi Era” is a popular term in cryptocurrency parlance, referring to the phase from 2009 to 2011, when Nakamoto was actively working and promoting the project.
Why It Matters: The latest movement followed a trend of long-dormant Bitcoins waking up from slumber. Last week, Arkham highlighted a similar transfer by a whale who had been sitting on their holdings since 2009.
The movements of Bitcoin whales, especially those from the Satoshi era, are closely watched by the cryptocurrency community. These whales hold a significant amount of Bitcoin, and their transactions can potentially impact the market.
Coin transfers to exchanges are typically interpreted as signals of an impending sale. However, there was nothing concrete to suggest this at the time of writing.
Price Action: At the time of writing, Bitcoin was exchanging hands at $62,494.89, down 0.99% in the last 24 hours, according to data from Benzinga Pro.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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