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BTC 28.46 bitcoins worth US$2.43 million that had been dormant for 15 years flowed to the Kraken Exchange.
Galaxy Research reported that after approximately 15.2 years of silence (since 2011), 28.46 bitcoins worth US$2.43 million were transferred to the Kraken Exchange. Tracking data shows that these positions purchased when the Bitcoin price was about US$15 per coin achieved a gain of approximately 582,198%.
As the cryptocurrency market clearing amount reached US$607.18 million and investors waited while waiting for the release of the Federal Reserve meeting minutes, the price of Bitcoin fell 3.68% to US$83,081.
Early position activation: Huge appreciation from 2011 to the present
According to tracking details shared by Galaxy Research on the X platform, a Bitcoin position that has not been used since June 12, 2011 has been transferred in block 970281, which is about 15.2 years old. The transaction involved the address of 1emiMJfyBYNYfeFZWEoXJ9cZ7pF9xTWVt, and the tracking database showed that the recipient was Kraken. Based on transaction details, this suggests that funds may have been transferred to the cryptocurrency exchange.
Tracking data shows that when the owner purchased the positions, the price of Bitcoin was approximately US$15 each. The report shows that the long-held balance has an income of approximately 582,198%, and the current valuation is approximately US$2.43 million.
Galaxy tracks the transfer through unspent transaction output (UTXO). UTXO represents a specific amount of Bitcoin received by an address but not yet spent in other transactions. These coins date back to the early stages of Bitcoin, immediately after Satoshi Nakamoto's active period in the community. The anonymous founder was involved in projects from 2010 to early 2011, and left in April 2011 to hand over the project to core developers. "I have moved on to other things," he said in his final email.
Market background: Three consecutive days of decline and massive liquidation
These sleepy assets moved during the downturn in the cryptocurrency market. Bitcoin recorded a decline during Wednesday's trading session. As of the report's release, the price of Bitcoin was US$83,081, down 3.68% in 24 hours.
Previously, Bitcoin had fallen to a low of $82,787, further away from the high of $86,999 set on October 5. The decline marks the third consecutive trading day of decline for the cryptocurrency, as investors are closely watching upcoming economic data.
Across the entire cryptocurrency market, the total clearing amount reached US$607.18 million. Among them, long positions accounted for US$541.14 million, and short positions contributed US$66.22 million. Most liquidations occur among traders holding bullish positions, reflecting the sharp volatility of the market during the decline.
Macro factors: Federal Reserve meeting minutes draw attention
Meanwhile, investors are waiting for the release of minutes of the Federal Open Market Committee (FOMC) meeting, which are scheduled to be released at 2 p.m. EST on Wednesday. Market participants plan to use meeting minutes to evaluate the details of the Fed's monetary policy decisions.
At the September meeting, policymakers reportedly voted to raise interest rates for the first time since 2023. Traders expect a 78% probability that the Fed will leave interest rates unchanged at its next meeting.
Galaxy's latest update records the movement of 28.46 bitcoins in block 970281, and tracking data once again confirms Kraken as the recipient.
