Holdings supposedly belonging to Bitcoin creator Satoshi Nakamoto lost almost $5 billion in value as the cryptocurrency market experienced a significant correction. This downturn has impacted even the largest known holders of Bitcoin.
Key Holdings Affected by Market Downturn
On Thursday, October 30, Bitcoin holdings reportedly belonging to Satoshi Nakamoto saw their value decrease by nearly $5 billion in a single day. While the Bitcoin founder did not move any funds from the thousands of wallets attributed to him, the market volatility affected their fiat value. Data from Arkam Intelligence indicates that these holdings fell to $117 billion.
It is widely believed that Satoshi Nakamoto controls approximately 1.1 million BTC, distributed across numerous wallets that have remained untouched for over 15 years. At Bitcoin's recent peak values, these holdings were estimated to be worth over $122 billion.
Satoshi Remains the Dominant Bitcoin Holder
The significant amount of Bitcoin held by Satoshi Nakamoto plays a crucial role in the cryptocurrency's price dynamics and inherent scarcity. Current estimates suggest that between 3 and 4 million BTC are permanently inaccessible due to users losing access to their wallets, representing roughly 14% to 19% of the total 21 million Bitcoin supply.
Among these inaccessible coins, Satoshi's holdings are by far the most substantial. Even after the recent price drop, Satoshi remains the largest individual holder of BTC by a considerable margin. His holdings constitute more than 5% of Bitcoin's current circulating supply. For comparison, the second-largest holder is Michael Saylor's Strategy, which holds 640,808 BTC, accounting for about 3% of the BTC supply.
Furthermore, on-chain data indicates that Satoshi Nakamoto has not sold or transferred any Bitcoin in the 15 years since he became inactive. The potential return and subsequent sale of his holdings would undoubtedly have an immediate and significant impact on Bitcoin's market price.