Satoshi-era Bitcoin wallet wakes up after 11 years, transfers $14 million

After 11 years of dormancy, a Bitcoin wallet belonging to a miner, dating back to the Satoshi era in 2010, has come back to life.

This entity suddenly became active on August 7 and transferred 250 BTC, worth approximately $13.95 million, to five new wallets.

Historical 2010 Awaken Bitcoin Wallet

According to the latest update from the popular on-chain tracker Lookonchain, the wallet originally earned 250 BTC through mining in May 2010 when Bitcoin was below the $1 mark. Notably, the entity has an unrealized profit (at least for now) of more than $14 million by 2024.

The latest transfer saw the proceeds spread across five separate wallets, with amounts ranging from 10BTC to 60BTC each. The unexpected activation of this long-dormant address has sparked curiosity and speculation.

Seeing dormant wallets come back to life is not entirely new. In fact, several of the Satoshi era, the period between 2009 and 2011 in which the pseudonymous creator of Bitcoin participated, have shown significant activity.

Recently, a Bitcoin wallet that had been inactive for 14 years woke up from its slumber and transferred 50 BTC, valued at about $3.05 million at the time, to the Binance crypto exchange. As CryptoPotato reported, the wallet holder initially received the funds as a mining reward.

Bitcoin Price Struggles

The latest activity comes as bitcoin struggles to regain ground. Over the weekend, the crypto asset experienced a significant price drop, dropping below $50,000 for the first time since February 2024 due to several factors. That drop reflected heavy losses in Europe and Asia on stock markets, highlighting broader economic turmoil and a general risk-averse sentiment among investors.

Disappointing US employment figures released last week raised concerns about a slowdown in the world’s largest economy, prompting a sell-off in risk-on assets. The sudden drop in the price of digital assets resulted in hundreds of thousands of traders being wiped out, with total liquidations exceeding $1 billion.

Since then, Bitcoin has climbed above $57,000 and is up more than 4% in the last 24 hours.

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