Satoshi-era Bitcoin wallet stirs: Is a decline coming?

A wallet that bought Bitcoin just five days after the first block was created in 2009 transferred another $630,000 to crypto exchange Kraken.

Onchain data platform Arkham Intelligence shared in an X post dated October 14 that a Bitcoin whale from 2009 transferred $5.47 million worth of $BTC to Kraken in the last two months. Arkam stated that despite the whale's recent actions, the whale's wallet still holds $75.23 million worth of BTC. The remaining 1,127 BTC in the wallet after the transfer was transferred to a new address.

Early players entering the blockchain world may be looking to cash out their Bitcoins. The development in question came after a different early Bitcoin investor, who Arkham said had been dormant for at least a decade, transferred 10 BTC worth $610,000 to Kraken on October 3.

In September, Arkham shared that a 15-year-old BTC wallet had moved $16 million worth of BTC to Kraken. Bitcoin gained 7.45% last week to over $67,000. This could be a possible reason why whales are moving to sell some of their assets.

Ethereum whales have not yet made a move. The increase in net inflows from spot ETFs may have whetted the appetite of BTC whales. However, the weak trend in Ethereum continues. The continued decline of the ETH/BTC parity and the lack of expected data from spot ETFs may lead to further pullbacks in the altcoin market.

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