After Years of Inactivity, an Early Bitcoin Miner from 2009 Transfers Bitcoin to Kraken

Posted by cryptonews Crypto News September 24, 2024 1.8k Views

After ten years, a pioneering Bitcoin miner has come back to life and sent ten Bitcoin to Kraken.

An early Bitcoin miner from 2009 has resumed activity after ten years of dormancy, transferring 15 BTC to Kraken in recent weeks.

Key Transfers to Kraken

On-chain data from Arkham Intelligence shows that this Bitcoin whale started moving assets to Kraken three weeks ago. The wallet holds Bitcoin mined just a month after the network’s launch in January 2009, when Bitcoin’s anonymous creator, Satoshi Nakamoto, was active.

The whale sent 10 BTC to Kraken in three separate transactions about three weeks ago. On Tuesday, an additional 5 BTC, valued at over $300,000, was transferred. Before these activities, the wallet had been inactive since 2014.

Between 2011 and 2014, the owner initiated several transactions, transferring Bitcoin to other wallets and exchanges. The 10-year transaction hiatus intrigued many observers, especially considering the increase in the value of its Bitcoin holdings—from $474,000 to over $80 million.

This is not the first time Bitcoin wallets will become reactivated after many years of dormancy.

Last week, five Satoshi-era wallets moved $16 million worth of Bitcoin after 15 years of inactivity.

In June, another Bitcoin wallet that had been dormant for 14 years transferred 50 BTC to Binance. The wallet was believed to belong to a miner who received the BTC as a mining reward in 2010.

The movement of early Bitcoin continues to fascinate market participants, as it affects liquidity and signals the long-term faith of early adopters in the asset.

While some may view these transfers as a sign of a potential sell-off, others see it as a confirmation of Bitcoin’s value after over a decade.

The recent uptick in activity from Satoshi-era wallets comes as the crypto market shows signs of a potential bull run.

The Fear and Greed Index, a measure of market sentiment, is around the “neutral” zone, indicating a balance between fear and confidence among traders.

Additionally, Bitcoin ETFs have risen by $284 million in inflows, according to a recent report by CoinShares, signaling growing institutional interest in the cryptocurrency.

Additionally, the U.S. Federal Reserve decided to lower interest rates by 50 basis points. A rate cut will inject liquidity into the economy and fuel demand for risk assets like Bitcoin.

The timing of these Satoshi-era wallet movements, coupled with positive market indicators, has raised suggestions that early miners may be looking to capitalize on an upcoming price surge.

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