15 Year Old Bitcoin Whale Sells $9.68M in BTC Amid Ongoing Market Volatility

An ancient 15-year-old Bitcoin whale has sold a significant amount of BTC, prompting market concerns amid the ongoing volatility.

Notably, Bitcoin’s has price dropped to $67,000 this morning, erasing gains made in the previous three days. This decline prompted concerns among investors about a potential ripple effect from traditional financial markets, leading them to reduce their Bitcoin exposure.

Notably, the recent dip aligned with heightened volatility across broader markets, reflecting investor caution amid looming macroeconomic risks.

Sales Raise Market Concerns

For instance, an ancient Bitcoin whale, active since January 2009, recently sold $9.68 million worth of Bitcoin, according to a recent update shared on X by Arkham Intelligence. 

𝗔𝗡𝗖𝗜𝗘𝗡𝗧 𝟮𝟬𝟬𝟵 𝗪𝗛𝗔𝗟𝗘 𝗡𝗢𝗪 𝗦𝗢𝗟𝗗 $𝟱.𝟰𝟳𝗠 𝗕𝗧𝗖

The ancient Bitcoin whale we’ve been tracking, who mined BTC 5 days after Bitcoin’s first block (13th January 2009), has just moved another $630K BTC to Kraken – totalling $5.47M in the past 2 months.

This… pic.twitter.com/kjKx34Ib6B

— Arkham (@ArkhamIntel) October 14, 2024

This whale, which began mining BTC just five days after the first block, has gradually been offloading his holdings. Following the latest sale, the whale’s remaining Bitcoin value stands at $72.09 million. 

The trend of selling continued from previous sales reported on October 14, where this whale had already moved $5.47 million worth of Bitcoin over a two-month period. The market observed a significant transfer of $630,000 BTC to Kraken during this period.

At the time of the October 14 update, the whale’s Bitcoin holdings were valued at $75.23 million. The consistent selling pattern has raised questions about the whale’s motivations, as well as its impact on Bitcoin’s recent price fluctuations.

Whale Accumulation Still on

While the ancient whale sold a portion of his holdings, other large investors have been accumulating Bitcoin.

Despite the dip in price, increased whale activity signals strong market confidence, with large-scale investors steadily buying Bitcoin. According to Michaël van de Poppe, Chief Investment Officer and Founder of MN Consultancy, this trend could reflect expectations of further growth in the Bitcoin market. 

The ongoing accumulation mostly serves as an indication of positive sentiment, despite broader economic challenges. The large-scale investors’ actions hint at potential future price targets ranging from $300,000 to $500,000, according to van de Poppe.