Dormant Satoshi Era Bitcoin Whale Accounts Awake, Transfer $230 Million in BTC
Summary:
Three dormant Bitcoin whale accounts from the early Satoshi Era transferred 6,500 BTC (around $230 million) on Nov. 2, having been inactive since Nov. 2017. The accounts, linked to the Bitcoin mining pool F2Pool, became active just as Bitcoin reached a new annual high of over $35,000. This aligns with a trend of old Bitcoin accounts transferring Bitcoin to newer addresses, raising speculation about the owners and intent behind these significant transactions.
On November 2, three Bitcoin (BTC) whale accounts, inactive since November 2017 and dating back to the early Satoshi Era of Bitcoin, transferred a hefty sum of 6,500 BTC, equating to approximately $230 million. The Satoshi Era refers to Bitcoin's infancy, when the network was still largely under the radar. Bitinfocharts data reveals that the first of these accounts shifted 2,550 BTC - around $90 million in value. A second account moved approximately 2,000 BTC, equivalent to $71 million, and the third transferred close to 1,950 BTC or $69 million in value. Interestingly, the last recorded transaction from all three of these accounts was nearly six years ago, on November 5, 2017. These accounts went inactive during Bitcoin's bullish run and its peak of over $69,000. The majority of the Bitcoin stashed in these accounts is traced back to July 2011 and is linked to F2Pool, a Bitcoin mining pool, hinting at accumulation through mining activities during Bitcoin's initial phase. This suggests these accounts held BTC when its trading value was below $15. Related: Bitcoin may face 'overvalued' stocks despite 100%+ price gains. It is yet to be established if all three accounts are owned by the same entity or person. However, their transaction history and patterns seem to indicate it's a possibility. This significant movement of Bitcoin from accounts established in 2011 occurred shortly after Bitcoin's value reached a new annual high of over $35,000. As 2023 unfolds, several Bitcoin whale accounts and addresses over a decade old are waking from hibernation to transfer Bitcoin from the 2010s to more recent addresses. A perfect example is an account that had been inactive for 11 years that transferred $30M in Bitcoin this past July. The following month, a wallet from the Satoshi-era moved 1,005 BTC to a new address. Magazine: Unearthing Satoshi’s Bitcoin - the value of a legacy.
Published At
11/2/2023 1:01:09 PM
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