News - Bitcoin whales from Satoshi's time resurface after 10 years

By Mike Hesp

Bitcoin whales from Satoshi's time resurface after 10 years

Bitcoin (BTC)
Wallets and Whales

Two old wallets from the Satoshi era have suddenly become active again. The BTC community is in an uproar, as as much as 1,000 Bitcoin is involved.

After a decade of inactivity, two wallets surprising activities. They presumably belong to the same Bitcoin-whale that was already active in Satoshi's time and is now suddenly reappearing.

The mysterious Bitcoin wallets have nearly 100 percent of their credits transferred. The wallet address "16vRq...qjzEa" transferred its 500 BTC on May 12, while the other 500 BTC from "1DUJuH...NgfC5" shortly thereafter were moved.

Experts suspect that such surprising moves come from Bitcoin miners or very early investors. In recent years, many wallets have been reactivated from the era when Satoshi himself was still active on online forums.

Originally, the wallets received 500 Bitcoin each on Sept. 12 and 13, 2013, when the price of Bitcoin was still a modest 134 U.S. dollars. At the current BTC exchange rate, the total amount transferred is now worth a substantial 61.8 million US dollars.

The temporal proximity of the BTC transfers led the blockchain analysis company Lookonchain to match the two transactions with covenant. The 1,000 Bitcoin is worth 456 times more today than it was at the time of purchase.

According to a report 1.75 million Bitcoin wallets have been inactive for more than a decade. They contain 1,798,681 BTC worth about US$112 billion currently.

It is often speculated that sleeping whales wake up to sell their Bitcoin at a particularly propitious time. However, they usually only move their BTC holdings to one or more new addresses.

Last week, another wallet from the early years of Bitcoin 687 BTC worth US$43.9 million transferred to two new addresses.

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