Bitcoin OG Transfers After 12 Years of Inactivity, Depositing $15.45 Million to Kraken 

A Bitcoin whale that had remained inactive since 2013 has stirred reactions as it transferred a portion of its long-held assets to the crypto exchange Kraken.

Data from Arkham, as reported by blockchain monitoring platform Lookonchain, revealed that the owner, considered a Bitcoin OG, initiated several transactions, likely to liquidate some holdings in light of the current market surge.

This activity is part of a larger pattern involving early adopters re-entering the market after over a decade of silence. The movement of coins to Kraken suggests the intent to sell at near-record high valuations.

Also, in a separate case, another significant holder who had remained idle since January 2011 recently transferred Bitcoin worth roughly $469.8 million. The individual acquired the coins during a two-day window beginning January 13th of that year, when the digital asset was trading at only $0.393.

Today, Bitcoin’s value has skyrocketed to over $118,000, a staggering appreciation of more than 30 million percent. Before executing the massive transaction, the wallet owner performed a small test transfer of $218, a common security measure among large holders preparing to move substantial funds.

Rise in Activity Among Old Bitcoin Addresses

The crypto market has witnessed a noticeable uptick in the activity of early Bitcoin wallets. Several addresses inactive for years are now making moves, potentially to realize profits while BTC prices hover around their all-time highs.

These long-dormant wallets, often referred to as belonging to ancient whales, are historically significant and typically hold large amounts of Bitcoin. Their renewed movement may signal cautious optimism or strategic selling following substantial portfolio appreciation.

Institutional Demand for BTC Remains Resilient

Despite early holders appearing to scale back exposure, institutional interest in Bitcoin remains strong. Data from SoSoValue shows consistent inflows into Bitcoin-based exchange-traded funds (ETFs) throughout July, with only four days of minimal outflows.

Since the introduction of spot Bitcoin ETFs in January 2024, inflow trends have shown overall resilience. While four months recorded net outflows, most periods have reflected steady demand from traditional finance players, underlining continued confidence in Bitcoin as a long-term asset.

This return of veteran whales alongside enduring institutional appetite paints a complex picture for Bitcoin, one where early adopters take profits while large-scale investors continue to accumulate.