A Bitcoin wallet that has been dormant for 14 years, belonging to a miner from the early days of Satoshi Nakamoto, has recently shown activity. On October 24th, an address holding 4,000 BTC moved approximately 150 BTC, with an estimated value of $16.6 million, to another unassociated address. Data from the on-chain analytics platform Lookonchain and Arkham indicates that these Bitcoin were mined in 2009 and were later consolidated into a single wallet by 2011.
Fourteen years ago, the 4,000 BTC were worth a mere $16,400. Their value has since surged to over $442 million. This wallet's reactivation suggests a return of early-stage miners to the market. On the day of the transfer, Bitcoin's price saw a 2.2% increase, reaching $110,656 in trading.
Blockchain analysts have observed a rise in activity from early Bitcoin addresses throughout the current year. A significant portion of these addresses are linked to miners or investors who were active between 2010 and 2012. While such movements can sometimes lead to increased selling pressure, some experts believe that certain address holders are simply transferring assets to improve security.
The Resurgence of Large-Scale Bitcoin Transfers
In July, a significant transfer involving an early Bitcoin holder, often referred to as a Satoshi-era whale, saw the liquidation of 80,000 BTC, which was valued at approximately $9 billion at the time, through Galaxy Digital. September also witnessed large Bitcoin transfers originating from long-unused wallets, indicating a period of reorganization among early investors.
Experts suggest that although the transfer of 4,000 BTC constitutes a small fraction of the total Bitcoin supply, its psychological impact is considerable. These transactions underscore a renewed engagement from Bitcoin's earliest miners.