While the HBO documentary is set to release on October 8 promising to explore the identity of Bitcoin creator Satoshi Nakamoto, a major Bitcoin whale from 2009 has moved a substantial amount of BTC. The whale transferred $3.6 million worth of Bitcoin, capturing the attention of the cryptocurrency community as curiosity around Nakamoto’s identity grows.

Whale Moves $3.6M to Kraken

Blockchain analytics firm Arkham Intelligence reported that this Satoshi-era whale, who has held Bitcoin since 2009, transferred 221 BTC, valued at $3.58 million, to the Kraken exchange. The Bitcoin in question is some of the oldest in existence, as it was purchased just one month after the cryptocurrency’s launch. This move comes shortly before the release of the documentary, fueling speculation about the whale’s possible connection to Nakamoto.

Interestingly, this isn’t the whale’s first significant transaction this year. On September 24, Arkham Intelligence recorded another transfer of five BTC to Kraken. Currently, the whale holds around 1,215 BTC, worth over $72.5 million. Given how close the whale’s BTC holdings are to the time of Bitcoin’s creation, many believe this person could be closely linked to the cryptocurrency’s early investors or even to Nakamoto himself.

Bitcoin Price Surges Alongside Economic Data

The movement of this Bitcoin whale coincides with a surge in Bitcoin’s price. As of October 4, 2024, Bitcoin was trading at $62,167.99. Recent U.S. economic data has contributed to the positive market sentiment. The non-farm payroll report for September showed an increase of 254,000 jobs, exceeding the forecasted 147,000. This strong economic performance has raised hopes for a potential rate cut by the Federal Reserve in November, adding further optimism to the market.

On-chain metrics also support Bitcoin’s bullish momentum. According to CryptoQuant, the amount of Bitcoin held on centralized exchanges is at its lowest level in six years, with only 2.8 million BTC. A reduction in Bitcoin liquidity on exchanges typically leads to upward pressure on prices, which further contributes to Bitcoin’s positive outlook.

HBO Documentary Sparks Speculation About Nakamoto’s Identity

The upcoming HBO documentary, directed by Cullen Hoback, has rekindled public interest in the identity of Bitcoin’s mysterious creator. Known for his investigative work on the series Q: Into the Storm, Hoback’s film delves into the origins of Bitcoin and may reveal Nakamoto’s identity.

One theory gaining traction focuses on cryptographer Len Sassaman, a prominent figure in the cypherpunk movement and a privacy advocate. Sassaman passed away in 2011, shortly after Nakamoto’s last public communication, leading to speculation that he might have been Bitcoin’s elusive founder. On the prediction platform Polymarket, 51% of users believe that the documentary will suggest Sassaman as Satoshi Nakamoto.

Institutional Investors Boost Demand for Bitcoin

As the upcoming HBO documentary intensified the speculation about Nakamoto’s identity, institutional interest in Bitcoin continued to grow. U.S.-based spot Bitcoin ETFs are attracting significant demand, with institutional investors buying around 7,000 BTC per day. This marks a shift from earlier in September when institutional investors were net sellers.

Additionally, the decrease in Bitcoin held on exchanges is reminiscent of patterns seen during Bitcoin’s previous bull run, which led to its 2021 peak of $69,000. With decreasing supply and increasing demand from institutional buyers, market analysts are becoming increasingly optimistic that Bitcoin could reach new all-time highs by the end of 2024.

As the cryptocurrency world eagerly awaits the release of the documentary, the Satoshi-era whale’s recent movements only add to the intrigue surrounding Bitcoin’s origins and future.

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