Ancient Bitcoins Are On The Move

Why Are So Many Ancient Dormant Whales Now Moving Their Coins?

Author

Nathaniel Whittemore
April 24, 2023

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First Five - Monday April 24, 2023

5. Europe is somehow (shockingly) now the global crypto regulatory leader

The EU passed its Markets in Crypto Assets (MiCA) regulatory framework on Thursday becoming the first major jurisdiction in the world with comprehensive Crypto legislation. After years of wanting to be ahead on tech but just abysmally failing, the EU is finally out ahead of the US on this one.

4. Scammers gon’ scam

SHOCKINGLY, the launch of bankruptcy claims trading venue OPNX is not going well. The new exchange from the disgraced Three Arrows Capitals founders not only hasn’t seen much volume, but announced a bunch of investors only to have many of them go out of their way to deny any connection. Guess I’m not the only one thinking no redemption arcs this cycle.

3. Wait the WEF LIKES Bitcoin mining now?

You will not eat the bugs. You will not own nothing and like it. But apparently you will appreciate that a recently released video from the WEF seems to have them extolling the virtues of Bitcoin mining for utilizing stranded energy sources!

2. Leaving America fer real?

No other way to put it, crypto companies are sick of US regulatory acrimony, from constant infighting between the CFTC and SEC, E. Warren’s open letters and Gary G’s videos. The reaction seems to finally be moving beyond talk though, as Coinbase got a Bermuda license and is reportedly about to open derivatives trading and Gemini is also moving abroad. WELL DONE AMERICA.

1. Ancient whales waking up

Like the gods of yore rising from ancient slumber, a substantial number of old Bitcoin wallets have been waking up recently. On Friday, yet another wallet that had been dormant for a decade moved $7.8M in Bitcoin to three fresh wallets. Then on Monday morning, a 12-year dormant wallet with 1000 BTC became active, while an Ethereum ICO participant who turned $733 into $4.36m also transacted for the first time in nearly 8 years. Normal bear market happenings, or the prologue to something bigger?

That’s it for today. Thanks for reading!

-NLW

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