A mysterious Bitcoin whale, who mined a significant stash just one month after Bitcoin’s creation, has moved a large portion of it to a crypto exchange for the first time in over a decade. Identified by crypto analytics firm Arkham Intelligence, the whale transferred nearly $3.6 million worth of Bitcoin to the exchange Kraken, sparking curiosity in the crypto community.
The whale, holding over 1,189 Bitcoins valued at approximately $77 million today, began moving funds to Kraken last month after a decade of inactivity. Arkham first flagged the whale on X (formerly Twitter) when the initial movement to Kraken occurred. On Thursday, the whale transferred another five Bitcoins to the exchange.
These Bitcoins, mined during the early “Satoshi-era” of Bitcoin shortly after its network went live in January 2009, were likely created close to when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, mined the first “genesis” block. In crypto jargon, a “whale” refers to an individual or entity holding large amounts of cryptocurrency, and these ancient whales typically don’t move their assets for years.
Whale movements can unsettle investors, as they sometimes signal that the holder might be planning to cash out, which can place downward pressure on Bitcoin’s price. The value of Bitcoin held by this particular whale has increased by over 16,700% since 2013, when Bitcoin was much less valuable. Given Bitcoin’s relative illiquidity compared to traditional financial assets, such large sales can lead to significant market impacts.
