Ancient BTC Whale Moves Another $600K to Kraken as Bitcoin Halving Approaches

A long-dormant whale holding $73.4M Bitcoin who woke up 1 month ago moved another $634K BTC to Kraken this morning. His BTC was mined ONE MONTH after Bitcoin's genesis block.

Bitcoin has emerged as the best-performing asset of 2024, boasting a year-to-date gain of 49.2%, even in light of a lackluster Q3. A long-dormant whale, who recently reactivated after a lengthy period of inactivity, moved another $634,000 worth of Bitcoin to Kraken this morning. This whale’s BTC holdings are particularly notable, as they were mined just one month after Bitcoin’s genesis block, demonstrating the longevity of this investment.

To date, he has deposited a total of $4.21 million into Kraken while still holding onto an impressive $73.4 million in Bitcoin.

As the Bitcoin halving approaches, the network’s hash rate continues to rise. Currently sitting at an impressive 683 million terahashes per second (TH/s), the hash rate is a crucial metric that reflects the amount of computing power being contributed to the Bitcoin network. Despite the challenges associated with launching a mining operation—including acquiring mining machines, securing locations, hiring staff, and finding affordable energy sources—more and more TH/s are being deployed to the network. This trend bodes well for Bitcoin’s long-term prospects, especially considering that the effects of the halving, which reduces block rewards, are not yet evident in the hash rate charts.

Six months after the halving, and the Hash Rate continues to grow ?

Hash Rate is one of Bitcoin’s most fundamental metrics. It measures the amount of computing power being contributed to the Bitcoin network, expressed in TH/s. Currently, it sits at an impressive 683 million… pic.twitter.com/P7ffN3B9W1

— Maartunn (@JA_Maartun) October 6, 2024

In addition to these developments, the Bitcoin spot ETFs experienced a net outflow of $301 million last week. Grayscale’s ETF, GBTC, saw an outflow of $47.12 million, while BlackRock’s ETF, IBIT, had an inflow of $135 million.

In contrast, ARK 21Shares Bitcoin ETF, ARKB, faced an outflow of $206 million. These fluctuations indicate ongoing volatility in investor sentiment, but Bitcoin’s foundational metrics continue to support a bullish outlook for the cryptocurrency’s future.

Last week (September 30 to October 4), Bitcoin spot ETFs had a net outflow of US$301 million last week. Grayscale ETF GBTC had an outflow of $47.12m, BlackRock ETF IBIT had an inflow of $135m, and ARK 21Shares Bitcoin ETF ARKB had an outflow of $206m.https://t.co/YanotfbWiJ

— Wu Blockchain (@WuBlockchain) October 7, 2024

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: bizoon/123RF // Image Effects by Colorcinch

The above is the detailed content of Ancient BTC Whale Moves Another $600K to Kraken as Bitcoin Halving Approaches. For more information, please follow other related articles on the PHP Chinese website!