"Nakamoto" period whale wallet wakes up and dumps goods
On Monday, blockchain analysis company Arkham Intelligence released a report mentioning that a Bitcoin whale address that had been dormant for 13 years suddenly became active and transferred 20 bitcoins to the Bitstamp exchange, worth about $1.27 million. The number of bitcoins held by this whale address is about 50, and the last transaction occurred four years ago. Usually, when bitcoin flows into exchanges from long-idle wallets, it may indicate that investors are ready to sell, which may put some downward pressure on prices.
In addition, this whale is not the only one to wake up. Another whale that has held 1,215 bitcoins since 2009 recently transferred 6 bitcoins to the Kraken exchange. At the same time, another dormant address from 2009 also woke up on September 20 and transferred 250 bitcoins. These activities resulted in a total of 276 bitcoins being transferred from dormant wallets in five days, with a total value of about $17.52 million at a bitcoin price of $63,725.
Despite this activity, the ratio of whale net flows to exchange net flows has declined over the past seven days. This ratio is calculated as the difference between the number of coins sent to exchanges by Bitcoin whales minus the number of coins withdrawn. A high ratio generally signals an increased risk of falling prices, while the current negative ratio may indicate accumulation in the market, which could portend a significant rise in Bitcoin prices.
Notably, two whales accumulated $219 million worth of Bitcoin on Tuesday, according to Lookonchain data. One of them accumulated $154.43 million worth of Bitcoin, while the other accumulated 1,015 Bitcoins worth $64.47 million. This accumulation is often seen as a positive sign of market confidence.
