A Bitcoin ancient whale from the period commonly known as the Satoshi era has sprung into action again, selling off almost $10 million worth of the flagship cryptocurrency. The heavy sale has raised concerns among investors about the potential impact on the coinâs price especially since the past few days have been bullish.
Bitcoin is actively chasing the $70k mark as it has jumped as high as $69,000 this week. Even though it has retraced back to $67k, investors are still hopeful for a rally that will send the coinâs price to impressive heights this month. But with the recent whale dump, what could this hold for Bitcoin?
Satoshi-Era Whale Selling Spree
According to reports from Arkham Intelligence, a sophisticated crypto large transaction tracking service, the Satoshi-era whale sold exactly $9.68 million BTC on the Kraken exchange. Notably, this whale started mining Bitcoin in 2009, a few days after the creation of the genesis block.
In 2009, mining Bitcoin was easier as the early Bitcoin adopters could mine BTC by using their computers. At the time, they could generate more than 3,000 BTC per day through mining since the mining difficulty was 1. Those who joined the revolutionary movement at that time succeded in accumulating thousands of Bitcoins which are now valued in hundreds of millions of dollars.
It is worth knowing, however, that these Satoshi-era wallet addresses are very rare, raising speculations about Satoshi Nakamoto being the entity behind the recent movement.
Arkham Intelligence has been tracking this whale for a while. The blockchain company noted that the whale made a previous transfer of $630k BTC to the aforementioned exchange on October 14. In the past two months, the whale has sold $15.1 million BTC on Kraken.
Moreover, the whale still has a staggering 1.077k BTC, valued at $72.093 million, left in its coffers.
Source: Arkham Intelligence/X Other Whale Movements
Meanwhile, other whale activities were spotted by another known large transaction tracker over the last day. Whale Alert reported two significant movements on X (formerly Twitter) earlier today.
The first transfer shifted 2,500 BTC, worth $170.9 million, from an unknown wallet to another unidentified wallet. Shortly after, the second transaction moved 2,700 BTC, valued at $184.6 million to another anonymous wallet.
In contrast to the Satoshi-era whale, these two transactions look to be an accumulation rather than a sell-off since they were moved to cold wallets. Could this help reduce the selling pressure on BTC? We will have to find out.
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