According to data from chain tracking agency Arkham Intelligence on Tuesday (October 15), the ancient whale wallet that began mining Bitcoin five days after its birth on January 13, 2009, has recently seen a large number of dumping operations, transferring a total of US$5.47 million to the Kraken cryptocurrency exchange in the past two months.

Arkham said that although the whale had moved a large amount of Bitcoin in early 2009, the address still holds $75.23 million worth of Bitcoin.

The whale's last transfer occurred on October 7.

When Bitcoin's early whales made unusual moves, the market was engaged in intense speculation about the true identity of Satoshi Nakamoto, the "Father of Bitcoin."

An HBO documentary recently identified prominent Bitcoin developer Peter Todd as Satoshi Nakamoto, however, the documentary caused a strong reaction in the Bitcoin community, and Todd strongly denied that he was Satoshi Nakamoto.

Considering that few people knew about Bitcoin in its first month, the crypto community began to speculate that the transfer of funds by the whales that woke up and dumped the coins in 2009 was likely related to Satoshi Nakamoto.

However, U.Today reports that this is unlikely to be the case.

For example, as early as May 2020, many people believed that Satoshi Nakamoto transferred Bitcoin from his long-idle wallet. This transaction even caused a short-term drop in the price of Bitcoin. However, after more detailed analysis, it was found that this transaction had nothing to do with Satoshi Nakamoto.

Although the whales revived and dumped their stocks in 2009, Crypto Briefing reported on Tuesday that in the past 24 hours, whales transferred a large amount of USDT stablecoins to Binance, indicating that their interest in Bitcoin has been rekindled and may push up the price of Bitcoin.

As Bitcoin rallied above $66,000 earlier this week, the S&P 500 also hit a new all-time high, with stocks such as Nvidia performing strongly and only 3% below its all-time high.

The sharp rise in Bitcoin prices also triggered large-scale liquidations across the cryptocurrency market. According to CoinGlass data, more than $195 million in short positions were liquidated as traders who were shorting Bitcoin were caught off guard by the sudden price surge.

In total, more than 61,000 traders were liquidated, with losses exceeding $235 million across the market. Bitcoin shorts accounted for $88 million of these liquidations as the coin’s market dominance rose to over 58%.

Analysts see the $66,000 to $68,000 range as the next major resistance area that Bitcoin must break through to sustain its current rally.

The next few weeks will be crucial for Bitcoin’s performance, with the U.S. election scheduled for November 5, followed by the much-anticipated Federal Reserve meeting on November 7. These events could affect market sentiment and could lead to increased volatility in both traditional and cryptocurrency markets.