A dormant Satoshi-era Bitcoin wallet holding 687 BTC valued at approximately $43.9 million just made an epic comeback. This whale transferred its holdings to two separate addresses on May 6. The resurfacing of the dormant account after 10 years of inactivity is generating buzz in the market.
The Mystery of Satoshi-Era Bitcoin Wallets
The Satoshi era refers to the early days of Bitcoin’s inception when Nakamoto, its pseudonymous founder, was actively involved in different online forums. Given the mystery surrounding the identity of Satoshi, and the potential connections between early wallets and Bitcoin’s creation, such wallets are closely tracked.
The first transfer involved 625.43 Bitcoin to an address with the identifier “bc1qky.” Notably, the remaining 61.9 BTC was sent to another address, “bc1qdc.” The resurfacing of this long-dormant Bitcoin wallet has again reignited speculation about whether it could be Satoshi’s wallet.
A wallet that has been dormant for 10.3 years transferred all 687.33 $BTC($43.94M) out 10 mins ago.
The whale received 687.33 $BTC($630K at that time) on Jan 12, 2014, when the price was $917.
Address: 15WZNLACuvcDrrBL2btDErJggnaMQtHh5G pic.twitter.com/tEPqM0CrrK
— Lookonchain (@lookonchain) May 6, 2024
However, some experts believe that these wallets are more likely linked to early Bitcoin miners or buyers who are now moving their funds for profit or other reasons. Others are transferred to cryptocurrency exchanges, suggesting that the owners might be taking profits after a decade or more of inactivity.
Speculation and Theories
According to a Fortune report, a total of 1.75 million Bitcoin wallets have remained dormant for over a decade. These wallets contain BTC holdings estimated to be worth millions due to the early trading price of Bitcoin in double digits.
In August 2023, similar Satoshi-era wallets woke from dormancy almost after 14 years and sparked intrigue in the crypto space. The wallet containing 1,005 BTC mined in 2010 moved its entire balance. This move stirred community members to speculate if the wallet also belonged to Satoshi.
The total value of these dormant wallets is 1,798,681 Bitcoin, amounting to roughly $121 billion at current market prices. In recent years, there have been multiple instances of Satoshi-era wallets being reactivated to transfer BTC to new addresses.
In July 2023, an 11-year dormant wallet transferred $30 million in BTC, while in November 2023, three Satoshi-era BTC wallets, likely linked to the same individual or organization, transferred $230 million in BTC after six years of dormancy.
