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Early Bitcoin Whale Moves $3.58M to Kraken; Wallet Active After Decade of Dormancy
- Arkham discovered a wallet, untouched for 15 years, with Bitcoin valued at US$72.5M.
- This wallet, dating back to a month after Bitcoin’s inception, just moved US$3.58M to Kraken.
- The wallet’s value grew from US$474K to over US$80M across ten years of market growth.
- Speculation about the wallet’s owner intensifies as an HBO documentary on Bitcoin’s creator nears.
Ancient wallets often draw the attention of investors, and Arkham has found a wallet that couldn’t be more ancient. According to the data analysts, there’s a wallet holding US$72.5 million (AU$106.5 million) in Bitcoin for 15 years. You heard that right, these Bitcoins have been mined only a month after BTC’s launch.
The wallet just sent US$3.58 million (AU$5.26 million) BTC to exchange Kraken.
After several transactions between 2011 and 2014, the Bitcoin holdings were left untouched, entering a period of dormancy that lasted nearly ten years.
During this time, the value of the holdings dramatically increased, escalating from US$474,000 (AU$696,740) to over US$80 million (AU$117.6 million), taking advantage of the substantial growth in Bitcoin’s market value over the decade.
Related: Arthur Hayes Sells Off Memecoins with $40K Loss After Calling for Memecoin Breakout
Who is The Mysterious Holder? Links to HBO Docu?
Naturally, people are speculating who the Bitcoin belongs to. And some question the timing of the transfer, which coincides with an HBO documentary on the topic. The documentary, set to reveal who Satoshi Nakamoto is, is scheduled to air on 8 October.
While bettors on Polymarket favour Len Sassaman, a deceased American computer scientist to be Nakamoto, some believe it’s Hal Finney. Finney, also a computer scientist and software developer from the US, who has also passed away, ranks as number two on Polymarket.
He was an early contributor to Bitcoin and was the first person to reportedly receive BTC from Nakamoto. Some believe the ancient whale wallet is Finney’s, although there’s no proof of that.
Bitcoin Has Come a Long Way Since Early Days
The founding days of Bitcoin and even 2011/2014 starkly contrast with 2024. With very little mainstream attention then, the most you could see in public life about BTC was the odd Bitcoin ATM. Nowadays asset managers like BlackRock and Co are publicly advertising their spot BTC exchange-traded funds (ETF) and go an TV and podcasts to speak about the digital asset sector.
Related: Ben Cowen Predicts Potential 70% ETH Drop as History Suggests Q4 Decline
A good recent example is a BlackRock presentation, where they highlighted the loss of purchasing power of the US Dollar, ultimately making the case for Bitcoin.
According to Bloomberg’s Senior ETF Analyst Eric Balchunas you’d have to “be either totally biased or ignorant” to scoff at Bitcoin’s success so far and its potential ahead, adding that BlackRock is doing its sales pitch just as expected:
This level of salesmanship combined with low fees, high liquidity and a trusted brand name is effing powerful.
Eric Balchunas 
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
