April 19, 2024
Satoshi Era Shift $230 Million in Major Crypto Move
Latest Cryptocurrency News

Satoshi-Era Bitcoin Whales Awaken: Dormant Addresses Move $230 Million in BTC

Three Bitcoin whale addresses originating from the early days of the network, known as the Satoshi era, which remained inactive since November 2017, moved a total of 6,500 BTC, valued at approximately $230 million, on November 2. BitInfoCharts data revealed the movement: the first wallet transferred 2,550 BTC, estimated at $90 million; the second moved around 2,000 BTC valued at $71 million; and the third address transferred about 1,950 BTC, worth $69 million.

What connects these wallets is their prolonged dormancy, with the last transaction from each occurring nearly six years ago, specifically on November 5, 2017. These wallets retained Bitcoin during the notable Bitcoin bull run and its peak above $69,000. The majority of Bitcoin in these whale wallets dates back to July 2011 and is associated with F2Pool, a Bitcoin mining pool, indicating potential accumulation through early Bitcoin mining. While unconfirmed, the history and transaction patterns of these wallets suggest they might belong to the same individual or entity. This movement comes shortly after Bitcoin’s price reached a new yearly high above $35,000.

The year 2023 has witnessed multiple instances of long-dormant Bitcoin whales and addresses over a decade old becoming active, transferring BTC to new addresses. In July, an 11-year-old dormant wallet moved $30 million in BTC, followed by another instance in August where a Satoshi-era wallet transferred 1,005 BTC to a new address.

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