LUCKNOW (CoinChapter.com) — A long-dormant Bitcoin wallet dating back to the “Satoshi era” has sprung back to life after over 10 years. The crypto wallet transferred 687 BTC, worth $43.9 million at current prices. On May 6, 2024, it moved its entire holdings to two separate wallets.
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The reawakened Satoshi-era address first unloaded 625.43 BTC to a wallet starting with bc1qky. Then it transferred the remaining 61.9 BTC to another address beginning with bc1qdc. Movements from extremely old wallets like this one from the “Satoshi era” received significant attention from the crypto community.
The “Satoshi era” refers to the period immediately following Bitcoin’s inception in 2009. At that time, its pseudonymous creator, Satoshi Nakamoto, was actively involved in discussions and forums surrounding the pioneering cryptocurrency. Some of the oldest Bitcoin wallets dating back to this era are often speculated to potentially belong to Satoshi.
One such wallet awoke from nearly 14 years of dormancy in August 2023.
The wallet transferred 1,005 BTC mined way back in 2010. This news created a social media buzz and rumor that it could be one of Satoshi’s own wallets. However, most experts suggest these reawakened addresses more likely belonged to early miners and investors simply cashing out long-awaited profits.
Over $121 Billion in Decade-Old Dormant Bitcoin Wallets
According to a report from blockchain analytics firm Chainalysis, there are an estimated 1.75 million dormant Bitcoin addresses.
They all have remained completely inactive for over a decade. Many of these wallets belongs to early Bitcoin investors who held BTC when it was trading for just double-digit prices.
With Bitcoin’s current market price, those aged dormant wallets now contain a combined 1,798,681 BTC valued at $121 billion. As the crypto market has experienced significant volatility and appreciation over the past decade, some of those early holders are now becoming millionaires and awakening their long-untouched wallets.
Spike in Satoshi-Era Wallet Movements Over Past 2 Years
In the past couple of years, there has been a noticeable spike in movements from these “Satoshi era” Bitcoin wallets. An increasing number have reawakened to not only transfer funds to fresh wallet addresses but also deposit holdings directly on cryptocurrency exchanges.
This pattern suggests that at least some of the owners of these ancient wallets may finally be looking to cash out and take profits on their investment after upwards of 10-15 years of simply holding onto their Bitcoin fortunes.
In July 2023, one dormant Bitcoin wallet transferred a massive $30 million worth of BTC after 11 years of dormancy. Then, in November 2023, three separate Satoshi-era wallets simultaneously awoke and collectively transferred over $230 million in Bitcoin holdings after over 6 years of dormancy.
Blockchain data indicates the trio of November wallets likely belong to the same entity, as their last transactions before reawakening all took place on the same day in November 2017.
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