Satoshi Era Bitcoin moves after 14 years of inactivity

A well-known crypto tracker, Whale Alert, has recently shared news about an intriguing whale. This particular whale had remained inactive since the era of Satoshi Nakamoto but has now come to life, holding a substantial amount of Bitcoin worth millions of US dollars. After Bitcoin experienced a significant drop on Saturday and made a partial recovery, this previously inactive wallet was suddenly brought back to life.

BTC wallet under the Satoshi Era makes a surprise comeback

A crypto miner from the early days recently made a move by transferring 50 Bitcoin (BTC) that had been left untouched for 14 years. This is a rare occurrence where bitcoin from the early days, also known as the “Satoshi era,” have been transferred.

The holdings, valued at more than $3 million as of Monday, were transferred to two wallets during the Asian morning hours. A portion of these transfers were ultimately sent to the crypto exchange Coinbase (COIN), as reported by analysis tool Lookonchain in an X post.

According to blockchain data, the miner was rewarded with 50 BTC in April 2010, back when the network had just launched. Back then the value of the crypto coin was only a few dollars.

During that time frame, which is commonly referred to as the Satoshi era, Bitcoin’s anonymous founder, Satoshi Nakamoto, actively participated in online forums from late 2009 to 2011.

There have been several BTC wallets that have remained active since the beginning of 2023. In July, a wallet that had remained inactive for 11 years suddenly moved $30 million worth of the asset to different wallets. Then, in August, another wallet transferred 1,005 BTC to a new address.

In December, more than 1,000 bitcoins from an early miner were transferred to trading desks and custodian services following a 13-year period of inactivity.

Bitcoin market performance

Similar to other financial market analyses, the cause for the resurgence of the wallet is still uncertain, but its unexpected surge has piqued interest and speculation among the cryptocurrency community.

Perhaps a Bitcoin wallet that was lost or forgotten has been rediscovered by its original owner.

Wallets from the Satoshi era are intriguing because they were used during the time when Bitcoin’s mysterious creator, Satoshi Nakamoto, was actively involved in the crypto community. These wallets are closely monitored, as any activity within them could potentially be connected to early adopters who have been keeping a low profile.

Recently, there has been a noticeable increase in the activity of previously dormant crypto wallets that have been inactive for 10-14 years. The individual possessed both Bitcoin coins acquired in the early stages and Ethereum obtained during the ICO in 2014. 

Typically, several individuals opt to sell their long-held assets after ten years, hoping to take advantage of the significant increase in BTC or ETH prices. However, in many cases, users are finally able to recover their long lost private keys.

During the weekend, specifically on Saturday, Bitcoin experienced a significant drop of over 12%, falling from its recently recovered value of $70,900 to $61,970. Some speculate that the cause can be attributed to a recent development in the Middle East.

Following that, Bitcoin has experienced a significant recovery of over 7%, currently trading at $66,291 at the time of writing. In addition, the current global crypto market cap stands at $2.53 Trillion, with a 4.73% change in the last 24 hours and a significant 90.73% change compared to one year ago. 

Currently, BTC’s market cap stands at $1.3 Trillion, indicating a Bitcoin dominance of 51.46%. Meanwhile, Stablecoins market caps stands at $157 Billion, representing a 6.19% share of the total crypto market cap.