what happen?
A mysterious "Bitcoin whale" that has been mining Bitcoin since the early days of Bitcoin in 2009 has transferred $3.58 million worth of Bitcoin to exchanges since September 24, and transferred another 10 Bitcoins (about $610,000) on October 3. If you also want to dig deep into the cryptocurrency circle and maximize your investment returns, but you can't recognize the market, then no matter how good the opportunity is, it has nothing to do with you. Follow me on the homepage, and I will share spot codes, bull market layout strategies, and 100-fold potential coins for free every day!
This series of activities sparked community discussion as this wallet has been inactive for the past 10 years.
Large-scale Bitcoin transfers often raise concerns in the market, especially those from early wallets, indicating the possibility of a "big sell-off" that could lead to a drop.
The Bitcoin whale of 2009 awakens! Millions of dollars in Bitcoin are transferred
The mysterious wallet currently holds 1,169 bitcoins, worth about $72.4 million, mined in the first two months of the bitcoin network’s launch, according to on-chain data tracking platform Arkham Intelligence.
In other words, this batch of bitcoins was mined around February or March 2009, making it a relatively early batch of bitcoins.
What’s even more surprising is that before this token transfer, this wallet had no activity after making several small transfers between 2011 and 2014.
After a decade of dormancy, the bitcoin in the wallet has increased in value from less than $500,000 to $80 million today, making the whale's wealth grow at an astonishing rate.
The potential impact of Bitcoin whale transfers on the market?
Such large-scale Bitcoin transfers often cause market concerns, especially for these early users, who move the tokens obtained from mining from their wallets to exchanges, which may represent an imminent large-scale sale in the market.
If this whale decides to sell slowly, bit by bit, the impact on the market may not be significant, but if such a large amount is sold at once, it may lead to a drop in the Bitcoin market price in the short term.
Therefore, when $3.58 million worth of Bitcoin was transferred to the Kraken exchange, it immediately attracted the attention and discussion of the community and the market, and many investors worried that this would cause selling pressure on prices.
In addition, the timing of this transfer is particularly noteworthy because it coincides with the discussion of the true identity of Satoshi Nakamoto in the community. The upcoming HBO documentary (Money Electric: The Bitcoin Mystery), which claims to reveal the identity of Satoshi Nakamoto, has also aroused more interest and discussion in the community.
If Satoshi Nakamoto's true identity is indeed revealed, it is likely to have a significant impact on Bitcoin due to personal reputation or fame, leading to increased market activity and affecting price trends.
These early Bitcoin whales, or even Satoshi Nakamoto himself or his colleagues, are likely to make different decisions regarding the Bitcoin they hold because they can foresee the impact that this documentary will have after its release.
The current price of Bitcoin fluctuates around $63,000, but is still 16% lower than its all-time high in March 2023.
According to Arkham Intelligence's analysis, whether this Bitcoin will be sold or reallocated on the Kraken exchange will be the focus of market attention.
