A historic Bitcoin miner reactivates his wallet and sends BTC to Kraken

One of the first miner of Bitcoin, inactive since 2009, has started transferring BTC to Kraken. So far, they have moved 10 BTC in three separate transactions, reigniting attention on the activity of the whale from the Satoshi era.

Let’s see all the details below. 

Movements of whale from the Satoshi era: 10 BTC transferred to Kraken in three weeks by a Bitcoin miner 

In the world of cryptocurrencies, few events capture attention like the awakening of dormant wallets from the era when Bitcoin was still in its infancy. 

Recently, one of the first Bitcoin miners from 2009 reactivated their wallet, transferring a portion of their significant holdings to the cryptocurrency exchange Kraken.

This wallet, inactive for over ten years, started sending Bitcoin three weeks ago, making three separate transactions for a total of 10 BTC. The last transaction, which took place on Tuesday, saw the transfer of 5 BTC, equivalent to about 300,000 dollars at current prices.

The activity has attracted great interest, especially because the wallets dating back to the early years of the Bitcoin network, often referred to as “dell’era Satoshi”, are considered rare and mysterious. 

The term “era Satoshi” refers to the period when Satoshi Nakamoto, the pseudonymous creator of Bitcoin, was active online, between the end of 2009 and 2011. 

During this period, many Bitcoins were mined at a very low cost, with a value that at the time was negligible compared to the current one.

According to the on-chain data provided by Arkham, this miner holds Bitcoin mined just one month after the activation of the Bitcoin network. The last time this wallet had shown activity was in 2014, when the Bitcoin had been moved to other wallets or exchanges.

From that moment on, the wallet had remained inactive until a few weeks ago. During these years of silence, the value of the Bitcoin contained in the wallet went from about 474,000 dollars to over 80 million dollars, marking an incredible asset growth.

Intention to sell or other operations? The activity of the wallets from the Satoshi era

The transfer of Bitcoin to Kraken, one of the most well-known and regulated exchanges in the crypto landscape, raises questions about the motivation behind these movements. 

Traditionally, sending large quantities of Bitcoin to an exchange is interpreted as a signal of intention to sell. 

This could indicate that the holder of the wallet is trying to liquidate a part of their reserves, converting them into fiat currencies, stablecoin or other cryptocurrencies.

However, it is not yet clear if these Bitcoin will actually be sold or if they will be used for other financial operations within the bull and bear cryptocurrency market.

The phenomenon of inactive wallets waking up is not isolated. In the past year, there has been significant activity coming from wallets from the Satoshi era.

At the end of last week, another wallet, which had been inactive for 15 years, suddenly showed movement, transferring 16 million dollars in Bitcoin to several other wallets. 

This kind of events is particularly interesting for analysts and investors, as it can influence the market in various ways. 

The movements of large quantities of Bitcoin, especially from historical wallets, can indeed create pressure on sales, increasing price volatility.

In July 2023, another wallet dormant for 11 years transferred 30 million dollars in Bitcoin to new addresses, marking one of the largest transactions of that year. Just a month later, in August, a wallet moved 1,005 BTC to a new address. 

Finally, in December of last year, over 1,000 BTC were sent to various cryptocurrency exchanges, where they were likely sold. 

These movements from the Satoshi era suggest that there are still many whales, that is, individuals or entities that hold enormous amounts of Bitcoin, who remain inactive for years before deciding to move their funds.

The influence on the market

The history of Bitcoin is rich in mystery, and the movements of these wallets from the Satoshi era fuel the intrigue. 

These original Bitcoin holders have seen their investments grow exponentially over the years, and their movements have the power to influence the market. 

However, it remains difficult to predict what their intentions are and if these recent transfers represent a simple portfolio change or the beginning of a broader liquidation.

In any case, the sending of Bitcoin from historical wallets represents a signal for the criptovalute community. Even those who participated in the early days of Bitcoin are still active, and their involvement continues to shape the future of the market.

The decision to use Kraken as a platform for these transactions also demonstrates trust in regulated and established exchanges, which offer security and liquidity to large investors.

With the increase in attention towards the wallets from the Satoshi era and their movements, it will be interesting to see how the market reacts to these new developments. 

For now, the charm remains in observing how the pioneers of Bitcoin continue to influence the market, even after decades of inactivity.