Bitcoin OG Sitting on 1,368x Returns Suddenly Sends Coins to Kraken After 12 Years of Dormancy: Lookonchain

A Bitcoin whale that’s been lying low since 2013 has suddenly moved coins out of its wallet, sending some BTC to crypto exchange Kraken.

Citing Arkham data, blockchain tracking firm Lookonchain says a “Bitcoin OG” that hasn’t done anything for 12 years recently woke up and began transferring its coins – some of them to Kraken, presumably to sell on the open market.

“A Bitcoin OG transferred 343 BTC ($40.52 million) out [on Monday] after 12 years of dormancy, with 130.77 BTC ($15.45 million) deposited to Kraken.

This OG received 343 BTC ($29.6K at the time) 12 years ago, when the BTC price was $86.

That’s a 1,368x return!”

Lookonchain recently spotted another whale moving Bitcoin worth approximately $469.8 million after being dormant sinceJanuary 15th of 2011.

Throughout that period, the price of Bitcoin has risen from approximately $0.393 to $118,561, a gain of at least 30,168,093%. The whale accumulated the Bitcoin over two days starting on January 13th of 2011.

Prior to moving the large Bitcoin stash, the whale carried out a test transaction for $218.

Several other “ancient” Bitcoin addresses have been seen moving their coins in the last month, potentially taking profits as BTC hits all-time highs.

Despite whales appearing to flip cautious on BTC, Wall Street still appears to be hungry, as evidenced by strong flows into Bitcoin-based exchange-traded funds (ETFs).

According to SoSoValue, Bitcoin ETFs have seen inflows in all but four days in July so far, where the products saw very tame outflows.

Since their rollout in January of 2024, monthly flows to Bitcoin ETFs were negative in four months.

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Featured Image: Shutterstock/Antonio Ognibene/Sensvector