An inactive Bitcoin address that dates back to the time when Satoshi Nakamoto was still actively involved has suddenly come to life after a decade. This Bitcoin wallet, which contains 687 BTC (equivalent to $43.9 million), recently transferred its holdings to two different wallets on May 6.
The first transfer was 625.43 Bitcoin (BTC), which was sent to an address starting with bc1qky, while the remaining 61.9 BTC was transferred to bc1qdc. The movement of funds from these very old wallets, particularly those from the Satoshi era, often generates curiosity within the crypto community.
The term “Satoshi era” refers to the early days following the creation of Bitcoin, during which its pseudonymous founder, Nakamoto, actively participated in online forums. Some wallets from this era are often speculated to be connected to Satoshi himself.
One such wallet, which had been dormant since August 2023, woke up after nearly 14 years and transferred 1,005 BTC mined in 2010. This particular wallet’s movement attracted significant attention on social media, with speculation that it belonged to Satoshi. However, experts suggest that it is more likely associated with early miners or buyers who are simply looking to profit from their holdings.
According to a report by Fortune, there are a total of 1.75 million Bitcoin wallets that have remained inactive for over a decade. Many of these wallets contain substantial BTC holdings, which were likely acquired when the price of Bitcoin was in the double digits and are now valued in the millions.
These dormant wallets collectively hold 1,798,681 Bitcoin, which is currently worth around $121 billion.
Over the past few years, several wallets from the Satoshi era have been activated, only to transfer their BTC holdings to new addresses. Some of these wallets have also been found to have sent their BTC to crypto exchanges, indicating a potential desire to cash out after nearly a decade.
In July 2023, a wallet that had been inactive for 11 years suddenly transferred $30 million worth of BTC. Then, in November 2023, three Satoshi-era BTC wallets, which had been dormant for six years, collectively transferred $230 million worth of BTC. These three wallets are believed to be connected to the same individual or organization, as their last transactions were made on November 5, 2017.
Overall, there is a great deal of interest surrounding the value and origin of these legacy wallets that are associated with Satoshi’s Bitcoin.