Bitcoin Whales from Satoshi Era Transfer $230 Million Worth of BTC
On November 2, three Bitcoin (BTC) whale addresses from the early stages of the Bitcoin network, known as the Satoshi era, transferred a total of 6,500 BTC, equivalent to approximately $230 million. These addresses had been dormant since November 2017 when Bitcoin was still relatively unknown.
Details of the Transactions
The first wallet moved 2,550 BTC, worth around $90 million. The second address transferred approximately 2,000 BTC worth $71 million. Lastly, the third address moved around 1,950 BTC valued at $69 million. Interestingly, all three wallets had their last transaction on November 5, 2017, meaning they missed out on the Bitcoin bull run and the peak price of over $69,000.
Possible Connection to F2Pool
Most of the Bitcoin in these whale wallets can be traced back to July 2011 and is linked to F2Pool, a Bitcoin mining pool. This suggests that the BTC may have been accumulated through early Bitcoin mining activities when its value was below $15.
Ownership Speculation
While it is not confirmed whether these three wallets belong to the same individual or entity, their transaction history and patterns indicate that this could be the case. It is worth noting that this movement of Bitcoin from addresses dating back to 2011 occurred shortly after the BTC price reached a new yearly high above $35,000.
Rising Dormant Wallet Activity in 2023
This year has witnessed multiple instances of old Bitcoin whales and addresses resurfacing after being dormant for more than a decade. In July, an 11-year-old wallet transferred $30 million in BTC, followed by another transfer of 1,005 BTC from a Satoshi-era wallet in August.
Hot Take: Bitcoin Whales from Early Days Make Moves
The recent transfer of 6,500 BTC worth $230 million from dormant Satoshi-era whale addresses highlights the increasing activity among long-term Bitcoin holders. These wallets, which had remained inactive for several years, missed out on the previous bull run and all-time high prices. The movement of such significant amounts of Bitcoin suggests renewed interest and confidence in the cryptocurrency. As more old addresses resurface, it raises questions about the motivations behind these transfers and the potential impact on the market.
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