A Bitcoin whale who began mining cryptocurrency just five days after Bitcoin’s genesis block in 2009 has sold approximately $9.68 million worth of BTC, with the sale marking one of the most significant movements of early-era Bitcoin in recent months.
Blockchain analytics firm Arkham Intelligence reported on Monday that the whale, which still holds $72.09 million in Bitcoin, has been gradually liquidating their position.
Notably, the recent sale follows a pattern of transactions that began two months ago, when the same wallet holder moved $5.47 million worth of BTC to the cryptocurrency exchange Kraken.
The movement of these ancient coins comes amid a broader trend of dormant Bitcoin wallets springing to life. Market observers have noted an unusual surge in activity from long-inactive addresses, particularly those dating back to Bitcoin’s earliest days.
Just last week, another notable transaction saw an unknown user sell 199 BTC for $13.55 million, representing profits from a five-year holding period. In an October 18 tweet, Lookonchain analysts noted that this particular trader had initially acquired 801 BTC for $8.25 million at an average price of $10,297, demonstrating the substantial returns possible from long-term Bitcoin investment.
In the first week of October, another unknown holder of Bitcoin worth over $72.5 million, accumulated since 2009, transferred $3.58 million worth of BTC to the Kraken exchange. Similarly, a Satoshi Nakamoto-era miner moved 250 BTC worth $16 million in September, marking the first movement from this address in 15 years.
These movements of early-era coins provide a rare glimpse into the activities of Bitcoin’s earliest participants, many of whom have maintained their positions through multiple market cycles.
Interestingly, as whales have started to liquidate their assets, retail activity has also seen a resurgence. On-chain data from crypto analytics firm Cryptoquant indicates that transactions involving amounts of up to $10,000 have risen by 13% over the last 30 days.
This marks a return to heightened activity levels seen in March of this year, suggesting that retail investors are regaining confidence in the market, fueled by Bitcoin’s recent price strength.
Notably, while this rise in retail demand might seem positive, it could also indicate that small investors are looking to liquidate their holdings and take profits, according to Caueconomy, an analyst at the firm.
“Over the past four months, we’ve observed a decline in the activity of these smaller investors, while whales continued to engage in high levels of transactions, absorbing significant amounts of Bitcoin. This recent price increase is drawing small investors back into the market, possibly signaling a shift toward lower risk aversion.” He wrote.
Bitcoin was trading at $67,261 at press time, reflecting a 1.40% drop in the past 24 hours.