Key facts:
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A whale moved 5,000 bitcoins to the Kraken exchange after holding them for 9 years, according to OkLink.
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The move adds to the list of ancient whales who are moving their bitcoins.
Various bitcoin (BTC) billionaires, dubbed “whales” in the community for their large capital, have been making moves on their holdings. Specifically, some who had invested in the cryptocurrency for many years, according to records from on-chain research firm CryptoQuant.
In his report last week, communicated what a whale moved 10,000 bitcoins which he maintained for 9 years, precisely since 2013. This multimillion-dollar figure, which has appreciated more than 2,700% since that year, is equivalent to almost USD 200 million today.
The firm detailed that the movement was made in two transactions of 5,000 bitcoins on August 28 and 29. In addition, he indicated that at least 3,500 bitcoins of that amount were transferred to cryptocurrency exchanges although it could be more. According to blockchain explorer OkLink, 5,000 bitcoins were transferred al exchange Kraken.
The movement of this ancient whale generates curiosity in the community, since its motive is unknown. Although it could be speculated that it is related to the long-awaited refund to users of Mt. Gox hack which will be from September 15, as reported by CriptoNoticias.
That’s because the firm CryptoQuant indicated that “the addresses involved in these transactions received their funds from addresses that were at one time linked to Mt. Gox and that have been named in a lawsuit by Craig S. Wright (CSW).”
Considering this, he concluded that the movement of these bitcoins, which have been inactive since 2013, occurs at a time when the Mt. Gox reserves could start moving to pay off creditors.
Therefore, we could continue to see transactions of large amounts of bitcoin from wallets that were associated with Mt. Gox. And if these are sold, there is a chance that it will drive the price of the cryptocurrency lower, which is why traders are closely watching the refund process.
Ancient whales are moving their bitcoins
Notably this is not the first multi-million dollar transaction of bitcoin in the year of an ancient whale. According to him tracking From CryptoQuant, just over a month ago, on July 20, 1,105 BTC was moved. Likewise, it detected the movement of 2,800 BTC on May 13 and 10,328 BTC on March 29. All of these were bitcoins that had been acquired and held for more than 7 years.
Maartunn, the firm’s on-chain analytics specialist, commented that at this point it’s hard to say what impact this will have on the market. But he cautioned that “it’s definitely not a bullish sign.” That is, pocould be an indicator of increasing selling pressure, unless they are redistributed to other bitcoin wallets for further storage.