Bitcoin whale moves $630,000 to Kraken

A Bitcoin (CRYPTO:BTC) wallet dating back to the early days of the cryptocurrency, just five days after the genesis block, has moved $630,000 worth of Bitcoin (BTC) to the crypto exchange Kraken. 

According to blockchain data firm Arkham Intelligence, this is the latest transfer by the "ancient Bitcoin whale," who has sent $5.47 million worth of BTC to Kraken in the past two months.

Despite these movements, the wallet still holds $75.23 million in Bitcoin, reflecting that a significant portion of its holdings remains untouched. 

After the recent transfer, the wallet moved its remaining 1,127 BTC to a new address, signaling a reorganization of its assets.

The behavior of Bitcoin addresses from the early days of the blockchain is noteworthy, as they rarely move funds. 

This activity suggests that the owner may be looking to liquidate a portion of their holdings, possibly due to recent market trends. 

Bitcoin’s recent price rise, with a 7.45% gain over the past week, has seen the cryptocurrency climb to over $67,000. 

This upswing could have prompted the whale to take advantage of the favorable market conditions.

This event follows a similar pattern observed on October 3, when another dormant Bitcoin wallet moved 10 BTC, valued at $610,000, to Kraken. 

Arkham Intelligence also noted another instance in September when a wallet that had been inactive for 15 years transferred $16 million in Bitcoin.

The recent surge in Bitcoin prices aligns with the positive sentiment seen in the market, as the Crypto Fear Greed Index has reached 73, falling within the "Greed" category. 

This indicates growing optimism among investors. 

The last time this sentiment was observed was on July 29, when Bitcoin was trading around $66,000.

At the time of writing, the Bitcoin (BTC) price was $66,960.15.