The Satoshi-era Bitcoin whales, which have held cryptocurrencies since 2009, began mining their flagship cryptocurrency just five days after the first block was created and then began selling off their holdings.
Blockchain analytics firm Arkham Intelligence has been tracking investor activity starting with a series of trades on American cryptocurrency exchange Kraken two months ago, and has recently seen the whale acquire a total of $10.52 million worth of BTC. announced that it had been sold.
Despite this, the whale still has $71.7 million worth of Bitcoin in its wallet, suggesting further selling pressure may be on the way.
The whale's stash contains coins from the “Satoshi era,” a term that refers to the time when Bitcoin's pseudonymous creator Satoshi Nakamoto was still active in the community. Satoshi left the cryptocurrency industry in December 2010.
The decline comes as the total number of Bitcoin whales reached its highest level since January 2021, with data from on-chain analytics firm Glassnode showing there are 1,678 BTC whales.
This data shows that large crypto investors are accumulating funds, with the number of investors holding more than 1,000 BTC, equivalent to approximately $66 million, in their wallets continuing to increase into early 2023. suggests.
The data was first shared by Bitwise's head of European research, Andre Dragos, and was also shared by microblogging platform X. Whale activity is closely monitored in the crypto space as the impact on prices can be significant.
The number of Bitcoin whales has hit a three-year high, with many Bitcoin addresses that have “never experienced a Bitcoin leak” now holding an unprecedented 2.9 million BTC. It is accumulating the main virtual currency at an unprecedented pace. .
Featured image via Unsplash.
