Satoshi Era Bitcoin Whale Moves $3.6M Ahead of Nakamoto Face Reveal

Ahead of the much-anticipated documentary release on October 8, which promises to reveal the identity of Bitcoin creator Satoshi Nakamoto, a 2009 Bitcoin whale has moved $3.6 million worth of BTC. This movement has generated significant interest, especially as it coincides with the forthcoming documentary, which has ignited curiosity about Nakamoto’s identity.

Satoshi Era Bitcoin Whale Moves $3.6M BTC to Kraken

As reported by the blockchain analytics firm Arkham Intelligence, the Satoshi era Bitcoin whale, who has been holding BTC since 2009, moved 221 BTC to the Kraken exchange, equivalent to $3.58 million. He had bought the Bitcoins a month after the cryptocurrency was launched, meaning the coins are among the oldest in existence.

This is not the Satoshi era’s Bitcoin whale first movement this year, though. On September 24, Arkham also recorded another transfer of five Bitcoins to Kraken. The whale currently possesses about 1,215 BTC, worth over $72.5 million.

Due to the closeness to the source, many people believe that this whale may be a relative of early investors or even the creator of Bitcoin, Satoshi Nakamoto.

Nonfarm Payrolls and Bitcoin Price Surge

Bitcoin’s price has risen, trading at $62,376 on October 4, 2024, with recent economic data adding to market optimism. The most recent U.S non-farm payroll data showed that employment increased by 254,000 in September, well above the market forecast of 147,000. 

This better-than-expected result has improved the market outlook, fueling expectations of a rate cut by the Federal Reserve in November.

Further, like the economic data, the positive on-chain metrics have also supported Bitcoin. According to CryptoQuant, the amount of BTC held on centralized exchanges is at its lowest in six years, with approximately 2.8 million BTC. This is because a reduction in exchange-held Bitcoin is considered bullish, as lower liquidity on exchanges puts upward pressure on the prices.

Satoshi Nakamoto Documentary Fuels Speculation

The upcoming HBO documentary has drawn renewed attention to who Satoshi Nakamoto is. Directed by Cullen Hoback, known for his investigative work on Q: Into the Storm, the film aims to explore the origins of Bitcoin and potentially reveal Nakamoto’s identity.

One theory centres around Len Sassaman, a cryptographer and cypherpunk privacy advocate. Len Sassaman’s involvement in cryptographic technology and his death in 2011—shortly after Nakamoto’s last public communication—led to speculation that he may have been Bitcoin’s elusive creator. 

On the prediction platform Polymarket, 51% of users believe the documentary will point to Sassaman as Satoshi Nakamoto, making him the leading candidate in the current speculation.

Institutional Demand and Bitcoin Supply Trends

Amid the Satoshi era whale move, Bitcoin is also surging in institutional interest, particularly through U.S.-based spot Bitcoin ETFs. According to CryptoQuant, institutional investors who were net sellers earlier in September have since reversed their positions, now buying around 7,000 BTC daily. 

This marks the highest daily purchase rate since July and strongly indicates institutional confidence in Bitcoin’s long-term prospects.

Source; CryptoQuant

At the same time, the amount of Bitcoin held on exchanges has continued to decrease, mirroring patterns seen during Bitcoin’s previous rally to its 2021 high of $69,000. With decreasing liquidity and growing demand from institutional investors, market analysts are increasingly optimistic that Bitcoin could see new all-time highs as 2024 progresses.