Bitcoin whales move millions as Iran war sends oil surging

Ancient Bitcoin whales and long-term holders are selling their sats as the US-Israeli war with Iran extends to key energy infrastructure, leading to sharp spikes in oil and gas prices.

Ancient Bitcoin holders moved tens of millions of dollars to exchanges as Bitcoin fell and energy prices jumped after attacks on Gulf oil and gas infrastructure deepened the conflict involving Iran, Israel and the United States.

Ancient whale “bc1ql” sent 1,000 Bitcoin (BTC), worth around $71 million at current prices, to Binance on Wednesday, according to blockchain data platform Arkham. The whale initially bought 5,000 BTC 13 years ago and still holds about 1,500 BTC worth about $106 million, according to blockchain analytics platform Onchain Lens.

The same day, one of the earliest Bitcoin holders, Owen Gunden, also transferred 650 BTC ($46 million) to crypto exchange Kraken, marking his first large sale in five months, when he sold a total of 11,000 BTC ($1.12 billion), according to analytics platform Lookonchain.

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