Satoshi-Era Bitcoin Miner Awakens: 2,000 BTC Moved in One Go

According to Julio Moreno, head of research at CryptoQuant, an early Bitcoin miner from the Satoshi era has moved 2,000 BTC. This activity involved coins mined in 2010, a time when Bitcoin’s value was negligible compared to today’s prices.

“Satoshi era” refers to the period when Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active in the community, roughly between 2009 and 2010.

An early #Bitcoin miner just moved 2,000 Bitcoin.
These coins were mined in 2010.

The Bitcoin likely went to an OTC desk or custodian given that they were forwarded to several other new addresses almost immediately.

Old miners are a source of liquidity and distribution. pic.twitter.com/tOajvEggsy

— Julio Moreno (@jjcmoreno) May 22, 2024

Bitcoin mined during the early years (2009-2011) is considered part of Bitcoin’s foundational history. Transactions involving these coins are rare and often attract considerable attention. This is often because old Bitcoin miners act as a source of liquidity and distribution.

The transfer was notable not only for its size but also because it involved coins that had been held for roughly 14 years. The motivation behind moving such a significant amount of Bitcoin after a prolonged period can vary.

Some potential reasons include: the holder might seek to capitalize on current market prices or to fund new ventures or investments. Sometimes, old addresses move small amounts to test modern transaction capabilities and security before deciding on larger moves.

It is also possible that the owner might be moving their holdings to enhance security, utilizing modern wallets with advanced security features compared to older ones.

The movement might be part of a broader market strategy, such as preparing for a large sale through over-the-counter (OTC) markets.

According to Moreno, the latter scenario might be the case. He speculates that the coins likely went to an OTC desk or custodian, given that they were forwarded to several other new addresses almost immediately.

At the time of writing, BTC was down 0.5% in the last 24 hours to $69,681. At current prices, the value of the transferred 2,000 BTC would be worth nearly $130 million.

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