Why is this significant?

What, you mean you don't like watching whales do whale things? Lol.

In all seriousness though, people make stories out of these, and could potentially affect the market depending on the amounts involved. People may hold off on buying or sell early when they anticipate a large amount being dropped, for example. That's probably not as relevant these days considering how much money it takes to move the market, but that can probably be attributed to old habits dying hard.

Even if they do want to sell, I doubt they'd do that on open market. They'll probably dump it on OTC and avoid complex KYC and stuff like that to sell his $11M asset. I'm pretty sure most of them knows that they can loss a lot of profits if they dump 1000 BTC into the open market directly.

So obviously, 'what's the significant' questions has already been answered, but just to add some thoughts, news like this usually cause a major dump on the market as traders with anticipation of a dump try to secure their profit. This isn't a guarantee though as the reaction of the market is unpredictable.

Currently it seems nobody cares as the market is still trading as usual without any dump although I won't be surprised if it does dump, most especially as traders would want to secure their profit especially after a fruitful last week trade of bitcoin mooning to $11.400k trading zone from $10.7k due to the Square $50 millions worth purchase of bitcoin news.

Old wallet that haven't moved their coins in quite a number of years are consider holders so it does matter when these coins are moved. The industry revolves around news, they can either make or break the market and obviously whales make use of this golden opportunity to manipulate the market to their will.

Many posters in the forum didn't have this kind of sentiment when Bitcoin crashed to $4,000 to $5,000 earlier this year. It's very good to see more and more of us finally learning/getting the big picture.

I don't think they matter because people often forget their bitcoins for a long time and one fine day their owners find their old wallet and send money. That wallet's $ 11 million worth of Bitcoin isn't as much as the wallet Satoshi Nakamoto mined. He has mined over 2 million bitcoins and if he moves them out of that wallet then that's worth considering.
Currently, the chart of bitcoin shows that the market is trending up and not many people are interested in the $ 11 million of an old wallet on the move.

That's pretty interesting to me because it seems that such stories did not happen in previous years. So people were hodling, doing nothing. And now, they are starting to use their BTC. It's good to know that people still have access to those wallets. It might also be a good thing because more bitcoins are now in movement rather than in a coma. It might lead to a FUD wave, though, especially if some of those rich addresses are actually selling BTC in big chunks because they've waited for it to go to the moon for 10 years, but now they've lost hope to see Bitcoin worth even $20k again.

Yes, we all need someone like him who can motivate us to stay calm in holding on to Bitcoin. Panic is the first bad thing that has the potential for failure of any investment or business. Making decisions based only on emotions, of course, will make everyone endanger themselves.
We think of a decline in price as a discount to buy again, it is a good idea to keep our brains calm in managing our portfolio

Except that this is not your typical whale. The only thing that makes the owner a sort of a whale is that he/she owns a thousand BTC. That is a huge amount. Other than that, he is not one who tries to accumulate a large amount and then use the same to somehow move the price and makes money. He did not even buy it.

The surprising thing here is that the Bitcoin is dormant for a decade or so and it has finally moved. That could mean a lot of things. No biggie to some but it also somehow triggers the alarm to others because that could mean dumping and therefore falling of the price. As you know, this could be a basis for a trader's call.