Over 1,000 Bitcoins from Satoshi Era Mined in 2010 Moved to Trading Desks
About $43 million worth of Bitcoin (BTC) was recently moved after being dormant for over 13 years, according to on-chain analysis. On December 4, a Bitcoin address received 999 BTC in a single transaction. The transaction consisted of inputs from twenty different addresses, each sending 50 BTC. Although the receiving address was newly generated, the sent BTC was freshly mined between August and November 2010. The coins were then consolidated into a separate address that now holds 1,028 BTC ($44.6 million). It is believed that the original owner of the coins was a Bitcoin pioneer who sold them through an OTC or custodian service.
When Old Bitcoin Moves
This is not the first time that old Bitcoin has been moved this year. In July, a wallet that had been inactive for 11 years transferred 1,037 BTC to a new address. In August, another wallet moved 1005 BTC after being dormant for 12.8 years. Coins from the Satoshi era are usually considered lost by their owners since most early investors would have sold them due to Bitcoin’s volatile price history. However, data suggests that long-term holders are still reluctant to sell their coins at current prices, indicating potential future gains for BTC.
Hot Take: The Movement of Satoshi-Era Bitcoins
The recent movement of over 1,000 Bitcoins from the early days of Bitcoin mining has attracted attention in the crypto community. These coins had been inactive for more than a decade before suddenly being transferred. This raises questions about the motives behind the move and the identity of the original owner. Some speculate that it could be a Bitcoin pioneer cashing out their holdings or transferring them to trading desks for other purposes. Regardless of the reasons, this event highlights the lasting value and potential profitability of early Bitcoin investments.
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