what happen?
A mysterious "Bitcoin whale" who has been mining since the early days of Bitcoin (Bitcoin) in 2009 has transferred Bitcoin worth $3.58 million to exchanges since September 24, and on October 3 On the same day, another 10 Bitcoins (approximately US$610,000) were transferred.
This flurry of activity sparked discussion in the community, as this wallet has been inactive for the past 10 years.
Large-scale Bitcoin transfers often trigger concerns in the market, especially those in early wallets, which represent the possibility of a "big sell-off" and a decline.
The Bitcoin whale wakes up in 2009! Millions of dollars in Bitcoin transferred
This mysterious wallet currently holds 1,169 Bitcoins, worth approximately $72.4 million. According to on-chain data tracking platform Arkham Intelligence, the bitcoin was mined within the first two months of the Bitcoin network’s launch.
In other words, this batch of Bitcoins was mined around February or March 2009, and is a fairly early batch of Bitcoins.
What is even more surprising is that before this token transfer, the wallet had no activity after several small transfers between 2011 and 2014.
After a ten-year dormant period without any movement, the value of the Bitcoins in his wallet has increased from less than US$500,000 back then to US$80 million today, allowing this giant whale's wealth to grow at an alarming rate.
The potential impact of Bitcoin whale transfers on the market?
Such large-scale Bitcoin transfers often trigger concerns in the market, especially among these early users. Moving the tokens obtained through mining from their wallets to exchanges is likely to represent an imminent large-scale sale in the market.
If the giant whale decides to sell slowly bit by bit, the impact on the market may not be big, but if such a large amount is sold at once, it may bring about a decline in the Bitcoin market price in the short term.
Therefore, when Bitcoin worth US$3.58 million was transferred to the Kraken exchange, it immediately attracted attention and discussion from the community and the market, and many investors were worried that this would cause selling pressure on the price.
In addition, the timing of this transfer is particularly noteworthy because it coincides with a wave of community discussions about the true identity of Satoshi Nakamoto. The recent HBO documentary (Money Electric: The Bitcoin Mystery), which is about to be released, claims to reveal the identity of Satoshi Nakamoto, which has increasingly aroused interest and discussion in the community.
If the true identity of Satoshi Nakamoto is indeed revealed, it is likely to have a significant impact on Bitcoin due to his personal evaluation or reputation, leading to increased market activity and affecting price trends.
These early Bitcoin whales, even Satoshi Nakamoto himself or his colleagues, are likely to make different decisions regarding the Bitcoins in their hands because they can predict the impact that this documentary will have after its release.
Bitcoin prices currently fluctuate around $63,000, but are still 16% below the all-time high in March 2023.
According to the analysis of Arkham Intelligence, whether this Bitcoin will be sold or reallocated on the Kraken exchange will be the focus of market attention.
References: coinmarketcap, cointelegraph
More coverage
HBO documentary digs into Satoshi Nakamoto's life story, betting madly betting that "he" is the father of Bitcoin!
Bitcoin price, Ethereum is stable, and new assets have entered the list. How does Grayscale see the crypto market in the four seasons?
