U.Today – According to Arkham Intelligence, an old wallet with a massive $3 million BTC stash has revived after several years of inactivity, transferring part of its holdings to major cryptocurrency exchange Bitstamp.
In a tweet, Arkham Intelligence drew attention to the awakening of a 13-year-old whale holding $3.17 million worth of BTC in mid-2011. This coincides with Whale Alert's report that “a dormant address holding 50 BTC worth $3,173,594 has just gone live after 13.3 years.”
According to Akrham Intelligence, this wallet has not made any transactions since it received the coins 13 years ago. After its reactivation, the Bitcoin wallet sent 20 BTC worth $1.27 million to Bitstamp.
Old Bitcoins on the Move
In a recent tweet, CryptoQuant highlighted that old Bitcoins are currently on the move, noting a large increase in the movement of coins from various age bands during the late stage of Bitcoin’s rise, with continuous transfers occurring on the BTC blockchain.
In another similar development reported by Arkham Intelligence, a Bitcoin whale with $77 million worth of BTC mined in the first two months of Bitcoin recently transferred 5 BTC to Kraken. These wallets date back to the “Satoshi era,” when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active on public forums between late 2009 and 2011.
Arkham Intelligence estimates that this whale still holds 1,215 BTC worth $77 million. According to its address, the Bitcoin reserves were mined in February and March 2009, approximately two months after Bitcoin was launched.
After moving several times between 2011 and 2014, the wallet's bitcoins sat dormant for nearly 10 years, during which their value rose from $474,000 to over $80 million. This whale woke up about three weeks ago and has so far moved 10 bitcoins to Kraken in three separate transactions.
This comes just days after another early Bitcoin whale, who mined his Bitcoin around the same time, woke up after 15 years of inactivity to move $16 million worth of BTC, raising the question of why these early Bitcoin whale wallets are suddenly waking up.
This article was originally published on U.Today
