A "Satoshi-era" Bitcoin wallet holding approximately $442 million worth of BTC has recently become active, moving a portion of its significant holdings for the first time in 14 years. The owner of this wallet, which has remained dormant since 2009, mined a substantial amount of Bitcoin in the early months of the network's existence.
According to Whale Alert, the wallet's owner acquired most of its Bitcoin by mining 4,000 BTC between April and June 2009. This activity occurred shortly after the Bitcoin blockchain network was launched. On Thursday, the whale transferred 150 Bitcoin, valued at over $16 million, in a single transaction.
On-chain data from analytics platforms like Nansen and mempool space provides further insight into the wallet's history. Nansen's data confirms the recent transaction of 150 BTC. Mempool space suggests that the wallet may have held as much as 7,850 Bitcoin in total and was last active in June 2011, when 4,000 BTC were consolidated into this specific wallet.
As of Friday, Bitcoin is trading at approximately $110,604. This current valuation would make the entire stash within the wallet worth over $442 million. For context, in 2010, when CoinMarketCap began tracking Bitcoin's price, the same amount of Bitcoin would have been worth only $194.
Potential Holdings and Previous Activity
Further analysis from blockchain analyst Emmett Gallic suggests that this whale may have possessed even more Bitcoin historically. Gallic stated that the whale might have once held 8,000 BTC across several wallets and has been gradually selling off its assets over the years through a different address.
Gallic described the activity as a "God Level DCA Strat," referring to Dollar-Cost Averaging. He noted that the whale, which initially held 8,000 BTC, has now reduced its holdings to 3,850 BTC after moving 150 BTC on Thursday. Mempool space data confirms that the address has received a total of 7,850 BTC, with the current balance showing 3,850 BTC following the recent transfer.
Trends of Early Bitcoin Holders
The movement of this "Satoshi-era" wallet is part of a broader trend of early Bitcoin holders becoming active again. In July, another significant Bitcoin whale, dormant for 14 years and holding 80,201 BTC, began shifting its assets to Galaxy Digital, with its final transfer occurring on July 16.
Crypto analyst Willy Woo commented in June that whales holding over 10,000 Bitcoin have been consistently selling their assets since 2017. This observation came in response to inquiries about who might be selling amidst increasing institutional interest in Bitcoin.
While the reactivation of old wallets can sometimes be interpreted as a signal that early investors are preparing to sell, analysts have previously indicated that such activity from "OG Bitcoiners" is not necessarily a cause for concern. They suggest that the entry of new buyers into the market indicates a maturing ecosystem, which is a positive sign for the cryptocurrency's long-term development.