Satoshi-era Bitcoin wallet moves 2,000 BTC for the first time since 2010

A wallet that first received coins in the early years of Bitcoin moved 2,000 BTC for the first time since 2010.

Bitcoin (BTC) wallets, called “Satoshi-era wallets”, moved BTC worth approximately $180 million to US-based crypto exchange Coinbase on November 15.

According to Lookonchain, on-chain data shows that the whale was hidden for 14 years. This means that the miner held on from the moment the Bitcoin price dropped below 10 cents. Now, with rapid adoption, the coins, which were mined when BTC creator Satoshi Nakamoto was still active online, are worth about $90,000 per bitcoin.

Bitcoin has witnessed a surge in the movement of Satoshi-era coins recently, and their transfer to exchanges has often been a sell signal. However, since such old coins have been on the move in the past, especially during bull markets, the overall market has remained largely unaffected.

In September, a wallet that had been dormant for over 15 years suddenly woke up and moved 250 BTC mined in 2009. Previously, in August, a dormant Bitcoin wallet from 2014 moved 174 bitcoins worth over $10 million.

Notably, one of the largest movements of a dormant whale address occurred in May 2024. A wallet that had been inactive for 11 years suddenly moved 1,000 bitcoins, worth over $60 million at the time.

While these numbers pale in comparison to the mega 2,000 BTC a whale just moved from those early days, they all show what honing means.

Whether by design or accident (millions of Bitcoins are considered lost forever), these Satoshi-era miner wallets also reflect just how far BTC has come. In the short term, such large deposits on exchanges can affect the value of the reference crypto asset.

However, with the bulls at work and developments such as the US’s strategic Bitcoin reserve, analysts say that the next target for BTC is $ 100 thousand. Plans like long-term, spot ETFs, a global “crypto race” that gets more nation-states to adopt the flagship digital asset, and MicroStrategy’s $42 billion BTC acquisition target are also bullish.