After lying dormant for six years, three Bitcoin wallets from the Satoshi era recently moved a total of $230 million worth of BTC.
Throughout 2023, numerous Bitcoin wallets dating back to the Satoshi era have awakened from hibernation, conducting transfers of their BTC to fresh addresses.
In 2023, several dormant Bitcoin wallets from the early days of the Satoshi era, which had not been active since November 2017, have come to life and transferred a total of 6,500 BTC, valued at approximately $230 million, as of November 2nd. The term "Satoshi Era BTC" refers to the period when Bitcoin was in its infancy and not widely recognized.
According to data provided by Bitinfocharts, the first wallet moved 2,550 BTC, equivalent to $90 million in value. The second wallet transferred around 2,000 BTC, worth $71 million, while the third wallet moved about 1,950 BTC, valued at $69 million.
What's interesting about these three wallets is that all of them had one common characteristic: their last recorded transaction occurred on November 5, 2017, nearly six years ago. Consequently, these wallets remained dormant during the significant Bitcoin bull market and the historic all-time high of over $69,000. Most of the Bitcoin in these three whale wallets can be traced back to July 2011 and is associated with F2Pool, a Bitcoin mining pool, indicating that these coins may have been acquired through the early stages of Bitcoin mining. This implies that these wallets would have been holding BTC when it was trading at less than $15.
It remains uncertain whether these three wallets are owned by the same individual or entity. Nevertheless, their wallet histories and transaction patterns strongly suggest that this could be the case. The recent activity involving these Bitcoin whale addresses with holdings from the 2011 era coincided with BTC's price reaching a new yearly high, surpassing $35,000.
Throughout 2023, there have been several instances of dormant Bitcoin whales and addresses over a decade old reawakening and transferring BTC from the early 2010s to new addresses. In July, a wallet that had been inactive for 11 years moved $30 million worth of BTC, and a month later, in August, a Satoshi-era wallet transferred 1005 BTC to a new address.