A major Bitcoin holder, who started mining Bitcoin just five days after the creation of the genesis block in 2009, has once again sent $630,000 to Kraken, mobilizing long-dormant holdings. This stands out as a remarkable move, especially since older wallets remained silent for a long time.

Blockchain data firm Arkham Intelligence stated in its X post on October 14 that this “former Bitcoin whale” moved a total of $5.47 million worth of Bitcoin to Kraken in the last two months. The firm also announced that the whale wallet still holds $75.23 million worth of BTC despite recent transfers.

After the transfer, the remaining 1,127 Bitcoins in the wallet were moved to a different wallet address. Such large amounts of Bitcoin movements are usually followed closely by the market and are thought to have an impact on price movements.

Addresses from the early periods of the Bitcoin blockchain generally do not carry out fund transfers, so these movements arouse great curiosity in the market.

However, some experts say that owners of these old addresses may now consider converting their crypto assets into cash. From time to time, movement of these addresses causes speculation in the crypto market.

This latest transfer comes right after another former Bitcoin whale sent 10 Bitcoins (worth $610,000) to Kraken. Arkham Intelligence stated that this wallet has been dormant for at least ten years.

Therefore, the reactivation of old wallets can be interpreted as signs that the whales, called “sleeping giants” in the industry, are now taking action.

In September, Arkham Intelligence reported that another whale, which mined Bitcoin two months after the Bitcoin blockchain went live and then remained inactive for 15 years, transferred $16 million worth of Bitcoin to Kraken.

Such transfers are often perceived as a sell signal and can have a significant impact on the market.

Bitcoin has increased significantly in recent weeks. It gained 7.45% last week, rising above the $67,000 level. This mobility of whales is seen as a possible reason for this rise in Bitcoin price.

The rise in price indicates that investors who have kept their assets for a long time may now be tempted to sell in order to make a profit.

Over the past year, Bitcoin has experienced major price fluctuations. While it dropped to $28,000 at the lowest levels, it broke a new record with $73,000 in March. These fluctuations show that volatility in the crypto market is high and investors are following different strategies to seize opportunities.

The Crypto Fear & Greed Index, which monitors investor sentiment in the crypto market, also recorded a positive momentum during this period. In the update made on October 16, it received 73 points out of 100, remaining in the “Greed” zone.

This is a situation that indicates that the market is following a positive trend in general. The last time the index was above 73 points was July 29, and Bitcoin was trading at $66,000 at that time.

It remains a matter of curiosity whether this rise in Bitcoin prices will cause old whales to mobilize their crypto assets.