OKLink, a blockchain explorer, has shown that in 2013, 5,000 BTC (about $100 million) were transmitted to Kraken from a Bitcoin whale address.You can learn more at https://u.today/ancient-bitcoin-whale-moves-100-million.
The most recent recorded activity for this address dates back to May of 2021. In the last few weeks, a large number of whale wallets have emerged from their winter slumber, as reported by U.Today.
In a coordinated effort, funds held at addresses that were set up nearly a decade ago began to be transferred.
This may indicate growing selling pressure from long-term holders, as suggested by the analysis shared by crypto research firm CryptoQuant.
Large players, however, are more likely to liquidate holdings through over-the-counter desks, so even if they decide to sell a large quantity of Bitcoins simultaneously, they will not significantly affect the price of the cryptocurrency.
There’s also the possibility that whales are just shuffling their coins around.
Bitcoin failed to outperform every other asset class in August and has had a hard time bouncing back so far in September. For the sixth trading session in a row, it has been trading at or below $20,000.
There is some speculation that coin transfers from very old wallets may have some connection to the original cryptocurrency’s unidentified developer.
The nearly $20 million in Bitcoins were transferred in March from a wallet created during the time of Satoshi Nakamoto and dating back to 2010.
Back in April, another ancient wallet also completed a similar transaction.
However, it is highly unlikely that Satoshi is involved in any of these deals.