2013 idle wallet transfers 5,000 BTC to Kraken, alarms investors

A significant sum of Bitcoin (BTC) was sent to an address on the Kraken cryptocurrency market, according to blockchain data.
2013 idle wallet transfers 5,000 BTC to Kraken, alarms investors
2013 idle wallet transfers 5,000 BTC to Kraken, alarms investors

A total of 5,000 BTC were transferred from an outdated Bitcoin address to Kraken, according to the crypto analytics platform of Ok Link.

The 5,000 BTC were sent from a Bitcoin address made in 2013 when the value of the biggest cryptocurrency was lower than it is now.

The value of the 5,000 Bitcoin was almost $100 million at the time of the transaction. Wu Blockchain, a well-known crypto media outlet, also tweeted about the development.

“The Bitcoin whale address (18xGHNrU26w6HSCEL8DD5o1whfiDaYgp6i ) transferred out 5000.01 BTC at 04:50:38 (UTC+8) on September 5th to the Kraken, which is worth about $100m now. The wallet was created, and bitcoins were transferred to this address in 2013.”

The owner of the fund is anticipated to sell a sizable chunk of it, which could cause a decline in the price of the top asset class. Because many people worry that a transfer of this kind could further damage the value of BTC, the transaction has continued to incite alarm in the cryptocurrency community.

Miners sell almost 4,000 BTC, increasing selling pressure on Bitcoin

Crypto researcher Ali Martinez noted in a tweet on Friday that, according to information from CryptoQuant, Bitcoin miners have sold around 4,586 BTC in just three days.

“Bitcoin miners have sold roughly 4,586 BTC in the last 72 hours, according to on-chain data from @cryptoquant_com!” Martinez wrote.

Notably, Martinez’s tweet was sent out just after Bitcoin Magazine announced on Monday that the second-largest increase in mining difficulty since January, 9.26%, had occurred. Large public miners have increased production as a result of long-term growth plans.

However, this quick increase in Bitcoin’s difficulty has also stretched mining profitability, which has decreased by 17% in the last 30 days. As a result, in order to increase their liquidity, miners are compelled to sell their mining rewards.

Miners began to sell in droves in June after Arcane Research reported that profitability had fallen by 80% from its peak in November. 3000 BTC were sold by Bitfarms during that time.

It is important to note that increased selling pressure from miners may result in further declines in the price of Bitcoin. Before a bull cycle began, arcane research predicted that Bitcoin may fall as low as $10,350.

Nevertheless, Bitcoin is still being traded at about $19,872, up 0.3% over the previous day.