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Ancient Bitcoin Whale Awakens by Moving Part of $160 Million BTC

Thu, 11/24/2022 - 08:21
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Arman Shirinyan
Massive amount of Bitcoin moved recently is not bullish, unfortunately
Ancient Bitcoin Whale Awakens by Moving Part of $160 Million BTC
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A massive Bitcoin whale who held 10,000 BTC since 2015 up until this moment surprised investors, considering the nature of the coins acquired by this type of holder: each and every BTC in the wallet was acquired with the help of illicit activities.

Back in 2014, a large portion of Bitcoin's volume was provided by criminals, money laundering services or citizens who used the cryptocurrency for anonymous payments. A particular part of the criminal volume was stolen or hacked Bitcoins. The whale who moved 10,000 BTC today is related to the 2014 Mt.Gox hack. 

As the on-chain data suggests, 65 BTC from the wallets have been sent to hitbtc cryptocurrency exchange, meaning that criminals are trying to convert or withdraw their digital gold into cash or other kinds of digital assets.

Considering the successful transaction, the exchange did not limit or mark the address as "illegal" or related to criminal activities, despite the existing public data. At this time, it is not clear whether criminals will be able to wash their funds and move them outside of the digital assets industry.

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Previously, cryptoquant's CEO described how the movement of ancient funds should not be considered a bullish factor. According to Young Ju, old Bitcoin is either owned by individuals who cannot use KYC services, were minted in the "lawless era" or distributed through small deposits that do not require KYC, causing gradual pressure on the market.

Taking into account the number of ancient Bitcoin whales and smaller addresses, we are going to see a continuous rise in pressure on the market in the form of money laundering operations or non-KYC selling on exchanges that allow deposits without identity confirmation.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.