At first Satoshi created Bitcoin, and it was great… but no one used it.
That's why it's amazing that a person who mined a large amount of Bitcoin a month after its creation moved it to a crypto exchange without touching it for more than a decade.
“ancient” Bitcoin Well, which was first identified by crypto analytics firm Arkham Intelligence, moved nearly $3.6 million worth of bitcoins to crypto exchange Kraken, according to blockchain data.
The mysterious owner has more than 1,189 bitcoins worth about $77 million at today's prices, Arkham said.
Arkham First suggested The whale has been idle for 10 years and was spun off from the whale by X (formerly Twitter) last month when it started moving Bitcoin to Kraken.
Again on Thursday sent another chunk of five Bitcoins to the exchange, Arkham said. Kraken is one of America's largest crypto exchange.
The coins were minted during Bitcoin's so-called “Satoshi-era,” just after the network went live in January 2009, the first “genesis” block in Bitcoin by anonymous inventor Satoshi Nakamoto.
A whale in crypto jargon refers to a person or entity that is sitting on a large amount of Bitcoin. It is often the case that such investors have not moved their cryptocurrencies for years.
As Arkham pointed out today, the whales are sitting on astronomical gains: the value of bitcoin held by this particular owner has increased by more than 16,700% in 10 years.
The moves of the Big Well can spook investors, who sometimes interpret that the holder is about to pay back their hard-earned money. Bitcoin is still an illiquid market by traditional financial standards, and a large selloff of the cryptocurrency could have significant downward pressure on Bitcoin's price.
of The price of Bitcoin It now stands at $62,194, CoinGecko shows.
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