- A decade-old Bitcoin wallet, dormant since 2014, has suddenly transferred all its 687.33 bitcoins, worth nearly $44 million, on May 6, 2024.
- The wallet had received the bitcoins when they were valued at $630,000, at a time when Bitcoin’s price was $917 and Satoshi Nakamoto was still active.
- The movement of such old wallets often triggers speculation within the crypto community, with some suggesting they could be linked to Bitcoin’s creator.
A dormant Bitcoin wallet from the Satoshi era has suddenly transferred all its holdings, sparking curiosity and speculation within the crypto community.
Satoshi-Era Bitcoin Wallet Springs to Life
The wallet in question had been dormant for 10.3 years before it transferred its entire holdings of 687.33 bitcoins, valued at nearly $44 million. The wallet had received these bitcoins back on January 12, 2014, when Bitcoin’s price was $917. The sudden movement of such an old wallet often triggers curiosity and speculation within the crypto community, with some suggesting that wallets from this period could be linked to Bitcoin’s creator, Satoshi Nakamoto.
Potential Sell-Off Raises Concerns
Despite theories associating these wallets with Satoshi, experts suggest they likely belong to early miners or investors looking to capitalize on Bitcoin’s recovery. Over the past week, Bitcoin has gained almost 4%, climbing to around $65,500 before another retracement took place. Hence, the transfer raises concerns about a potential sell-off, possibly indicating a move to offload a large Bitcoin reserve.
Decade-Long Dormant Bitcoin Whale Movements in 2024
As Bitcoin’s price surged above $70,000 earlier in 2024, the crypto market awakened several dormant whales. One such entity, who had accumulated nearly 4,300 BTC a decade ago at an average price of less than $30, made their first transfer in over ten years, moving 246 BTC worth close to $17 million in the first week of April. With an average purchasing price of $29.39 in 2013, this whale’s return on investment (ROI) stood at a whopping 230,000%.
Lost Coins Constitute 8.5% of Bitcoin’s Overall Supply
A recent study conducted by Fortune and Chainalysis found that there are roughly 1.75 million Bitcoin wallets that have been inactive for a decade or more. These addresses hold a total of 1,798,681 bitcoins, valued at approximately $121 billion as of mid-March. Notably, these “lost” coins constitute about 8.5% of Bitcoin’s overall supply of 21 million, with 93% of the total supply already mined.
Conclusion
The sudden movement of decade-old dormant wallets often triggers speculation within the crypto community. While some believe these wallets could be linked to Bitcoin’s creator, experts suggest they likely belong to early miners or investors looking to capitalize on Bitcoin’s recovery. With Bitcoin’s price on the rise, it remains to be seen how these movements will impact the market.
