Bitcoin Miner From Network's Earliest Months Is Sending BTC to Kraken

The wallet first started moving bitcoin to Kraken three weeks ago and has moved 10 BTC so far in three separate transactions.

A bitcoin (BTC) miner from the network’s earliest months has transferred some BTC to crypto exchange Kraken after a decade of dormancy, on-chain tool Arkham has observed.

The entity, colloquially termed a “whale” due to its large bitcoin holdings, mined bitcoin as early as one month after the network went live. On Tuesday, the whale sent 5 BTC to Kraken, which is currently valued at just over $300,000.

According to Arkham, the whale moved bitcoin several times from 2011 to 2014 to other wallets or exchanges, after which the wallet showed no activity for nearly ten years. During that period, its bitcoin holdings increased in value from $474,000 to over $80 million.

The wallet began moving bitcoin to Kraken three weeks ago and has now transferred a total of 10 BTC in three separate transactions. Moving a large amount of tokens to an exchange is usually an indication of an intent to sell for cash, stablecoins or other tokens.

Last week, another “Satoshi Era” bitcoin wallet showed activity for the first time in 15 years, sending $16 million in BTC to several different wallets.

The Satoshi era generally refers to the period when bitcoin’s pseudonymous creator, Satoshi Nakamoto, was known to be active on online forums from late 2009 to 2011.

Several “Satoshi era” bitcoin wallets have been observed to be active in the past few years. In July 2023, a wallet that had been dormant for 11 years transferred $30 million in the asset to other wallets, while another wallet in August transferred 1,005 BTC to a new address. Then, in December last year, over 1,000 BTC were sent to crypto exchanges - where they were likely sold off - in one of the largest amounts from the Satoshi era to be moved to exchanges.

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