In a recent revelation, a once-dormant Bitcoin whale has resurfaced, catching the attention of the crypto community. The findings, shared by Arkham Intelligence and disseminated by the prominent Bitcoin-themed Twitter account @BTC_Archive, uncover a significant resurgence in the Bitcoin movement after a five-year hiatus.
— Bitcoin Archive (@BTC_Archive) January 18, 2024
The on-chain data source highlighted several substantial transactions totaling $2 billion in Bitcoin. According to @BTC_Archive, the wallet in question has reemerged after lying dormant since 2019, having made only one transaction previously in 2013. Notably, this dormant period coincided with the last known activity of Bitcoin’s mysterious creator, Satoshi Nakamoto.
Community Speculation and Response
The news prompted speculation within the Bitcoin community about the identity and motives behind these massive transactions. A Twitter user humorously suggested that it might be Satoshi Nakamoto himself, jokingly referring to a recent comment by JP Morgan‘s CEO, Jamie Dimon, who dismissed Bitcoin as a “pet rock.”
On a related note, on-chain aggregator Santiment identified what it deemed the largest single Bitcoin transaction of 2024. This transaction, involving over $665 million worth of Bitcoin (42,870 BTC), occurred between 3:00 p.m. and 4:00 p.m. UTC. Santiment noted that this marked the highest hourly crypto movement in nearly six months.
Recent Market Movements
Coinciding with these significant transactions, the Whale Alert cryptocurrency tracker reported a substantial transfer of 11,502 BTC (valued at $497,417,265) to Coinbase, the largest U.S.-based cryptocurrency exchange. Bitcoin’s value experienced a 2.5% decline over the past two days, settling at $42,361. This drop follows a 13.54% decrease since the recent approval of spot-based Bitcoin ETFs by the SEC last Thursday.
The return of a dormant Bitcoin whale and substantial transactions have stirred curiosity within the cryptocurrency community. As Bitcoin’s market experiences notable transactions and price fluctuations, the identity behind such massive movements remains a subject of interest and speculation.