Satoshi-era Bitcoin wallet moves 2,000 BTC for the first time since 2010

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As an analyst who has been closely observing the crypto market since its infancy, I find myself consistently amazed by the resilience and potential of Bitcoin. The recent movement of 2,000 BTC from a wallet that was first seeded with coins in 2010 is a testament to the power of hodling – a concept that has become synonymous with Bitcoin culture.

For the first time since 2010, a digital wallet that initially stored Bitcoins during their early days has transferred approximately 2,000 Bitcoins.

On November 15th, a Bitcoin wallet that originates from the early days of Bitcoin (known as Satoshi-era wallets) transferred approximately $180 million in Bitcoin to the American cryptocurrency exchange, Coinbase.

As reported by Lookonchain, data from the blockchain indicates that this whale has been holding onto their Bitcoin for a staggering 14 years. This implies that they started holding when Bitcoin’s price barely reached pennies, specifically when it was below 10 cents. Now, with Bitcoin’s rapid growth in popularity and adoption, the coins mined during the time when Satoshi Nakamoto was still active online are now valued at approximately $90,000 per Bitcoin.

Lately, there’s been an increase in the circulation of Bitcoin coins from the early Satoshi era. Typically, when these coins are transferred to exchanges, it can be a sign of selling. Yet, because such old coins have moved around before – especially during bull markets – the broader market remains relatively calm.

In September, a Bitcoin wallet that had been inactive for more than 15 years became active again and transferred 250 BTC mined back in 2009. Previously, in August, an inactive Bitcoin wallet from 2014 activated and sent 174 bitcoins, which were worth over $10 million at the time of transfer.

In May 2024, an extraordinary event unfolded when a dormant whale (a large-scale Bitcoin holder) made a significant move. A wallet that had been inactive for 11 years suddenly transferred 1,000 Bitcoins, which were worth more than $60 million at the time.

Although these amounts appear small compared to the 2,000 BTC recently transferred by an early whale, each transaction showcases the essence of holding cryptocurrency over time.

Over time, a significant amount of Bitcoin – estimated to be millions – have been deemed unrecoverable, either intentionally or unintentionally left unused in early miner wallets. This massive hoard serves as a testament to Bitcoin’s evolution and growth. In the short term, large deposits held on exchanges can potentially influence the value of this leading cryptocurrency benchmark asset.

Despite current leadership with bulls in charge, analysts predict that Bitcoin could reach $100k due to several factors. These include the possibility of a U.S. strategic Bitcoin reserve, long-term spot ETFs, an international competition among nations to adopt cryptocurrency, and ambitious plans like MicroStrategy’s $42 billion Bitcoin purchase. All these elements suggest a positive outlook for Bitcoin.

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2024-11-15 22:56