A Bitcoin whale, who holds $77 million in Bitcoin ($BTC) mined during the first two months of Bitcoin’s launch, has recently transferred 5 $BTC to the Kraken exchange. Still, this wallet contains 1,215 BTC. This whale had mined his coins in February and March of 2009, just one month after Bitcoin was created, according to data from ARKHAM.
Long-Dormant Bitcoin Wallets Come to Life, Spark Interest
The history of the whale’s Bitcoin is intriguing. It was sold a number of times between 2011 and 2014 but has been dormant for nearly a decade. In this hibernation period, the value of the Bitcoin rose greatly from $474,000 to over $80 million. More recently, approximately three weeks ago, this whale started to transfer its Bitcoin again. In three transactions, it sent a total of 10 BTC to Kraken. However, this number of BTC is not much significant and the whale may opt to HOLD more as the next leg of bull run is expected soon.
This activity is similar to the other early Bitcoin whale, who also mined the coins in this time period. Just a few days ago that whale, which had been dormant for 15 years, performed a transaction worth $16 million of Bitcoin. The sudden resurgence of these early Bitcoin wallets raises questions: Why are these inactive wallets active now?
Massive Bitcoin Movements from Dormant Wallets Raise Eyebrows
On September 20, ARKHAM said that several Bitcoin addresses from 2009 began to move their funds after years of inactivity. Altogether, $15.95 million in Bitcoin or 250 BTC was moved from five addresses that were used in January 2009, which is the first month of Bitcoin’s existence.
The activation of these old wallets might be associated with a number of factors, including market conditions, or decisions made by the owners of the wallets. These movements reflect that the interest in Bitcoin remains strong as the crypto market continues to grow, and they speak of the potential large market players, particularly the long-term holders. Everyone, from investors to fans, will be eager to know what these whales are going to do next.
