Satoshi-era Bitcoins are waking up. 1,005 BTC worth $29 million was moved from an old Bitcoin wallet after 13 years. Thus, it paralleled the sluggish BTC movements in the recent period.
‘Ancient’ Bitcoin (BTC)’s are in action!
A Bitcoin wallet containing 1,005 BTC mined in 2010 has woken up. The anonymous user moved the long-stagnant BTCs to new addresses in a series of different transactions. Blockchain researcher, developer, and cryptocurrency trader Kirill Kretov first marked the BTC move, which was released just a year after the inception of Bitcoin.
Meanwhile, Blockchain data from Blockchain also confirms the details of the wallet. According to the wallet description, 1,005 BTC was worth just $328 when purchased in 2010. The cryptocurrencies are valued at over $29 million at the time of publication.
Is the mysterious holder selling Bitcoin?
The broader cryptocurrency community has also noted the awakening of BTC. Some questioned whether Satoshi Nakamoto, the fake creator of Bitcoin, was carrying the coin:
Looks like Satoshi is back! I can bet this wallet is owned by Satoshi Nakamoto himself.
— The Wise Guy (@wiseguyhoshi) August 16, 2023
Kirill Kretov said that it is unlikely that the creator of Bitcoin will quietly move the virgin BTC. He suggested that a long-term holder or asset associated with previous dormant Bitcoin awakenings was behind the transaction. The researcher added that the holder may be selling Bitcoin through an over-the-counter transaction. In this context, Kretov made the following statement:
I can expect the price to be higher than the current market. Because these are 100% clean BTC. Not to mention how old they are. This makes them particularly attractive to crypto-numismatics.
Kirill Kretov believes that the wallet could be controlled by the same user who previously moved Bitcoin from wallets in 13 different instances between 2020 and 2021. According to the researcher, this included 13 awakenings that amounted to 13,000 BTC of 1,000 BTC each.
There have been similar transfers before!
Kirill Kretov also noted that the research archives that tracked a large number of virgin Bitcoin wallets in the years immediately after Bitcoin’s inception marked only three other awakenings of 1,000 BTC or more. The first is the example where 1,000 BTC was moved from two wallets in 2011 in December 2021. In April 2023, 1,000 BTC released in 2011 were transferred from a single wallet. Also, in July 2023, another 1,037 BTC was transferred from a wallet dating back to 2012.
Kretov said, “These BTCs are from 2011 and 2012 and the funding sources are different. Not new cryptocurrencies. So the current awakening is much closer to these 13 examples.” said. As Cryptokoin.com reported, another idle wallet holding more than 1,037 BTC transferred its funds to a new address. While BTC was acquired at an estimated value of $5,100 in April 2012, its total value was around $31 million when moved in 2023.
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