Is Satoshi cashing out? 640 nine-year-old Bitcoin on the move


  • After remaining dormant for over nine years, a Satoshi-era wallet has been activated.
  • The owner initiated a transfer of 640 BTC to an unidentified wallet on the network.
  • Idle addresses hold over nine percent of the circulating supply.

A large portion of Satoshi-era coins that were acquired at an average price of $5.27 is on the move, hinting that the mysterious Bitcoin creator who disappeared from the community in 2011 is cashing out. 

Sleeping Bitcoin wallets are waking up

According to the most accurate estimate, Satoshi Nakamoto owns 1,125,150 BTC with an estimated unspent value of at least $37.24 billion. Bitcoin tokens mined before Satoshi went completely anonymous are known within the cryptocurrency community as Satoshi-era Bitcoins. 

It is likely that wallets created in this era belong to Satoshi, including the one that moved 640 Bitcoin a few hours ago. 

Crypto traders are speculating about the next steps that the wallet owner may take with these old BTC tokens. What is known for a fact is that the receiving wallet has no previous transaction history, which makes it difficult to ascertain what is next. Meanwhile, the sending address has received small mining rewards in the past, and there has been no other activity since 2012. 

As the price of Bitcoin is around $33,000, the 640 BTC amounts to $21.18 million. 

Similar incidents of old BTC tokens on the move have been reported in February 2021. Two wallets moved 100 BTC out of dormancy when Bitcoin was trading around the $51,000 mark. Half of these coins are thought to have landed in German exchange Bitcoin.de and the remaining 50 are sitting in a newly created wallet address. 

Usually, when a large number of old BTC are moved throughout the blockchain, crypto enthusiasts are cautious about Bitcoin price action. The likelihood that these coins hit exchanges increases, like they did in February, putting downward pressure on the flagship cryptocurrency. 

An increase in the number of BTC available on exchanges means there is more of it available to traders to sell. Since the demand on crypto exchanges does not always increase proportionately with the supply, the chances of a sell-off increase followed by a drop in Bitcoin price.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XLM ready to catch up with XRP as it targets $1

A brief technical and on-chain analysis on XLM price. Here, FXStreet's analysts evaluate what Stellar needs to do to advance further. 

More Stellar Lumens News

Traders swap Dogecoin for Shiba Inu on rumors of Robinhood listing

Shiba Inu coin reached over a million new traders through its listing on Novadax, Public.com and CoinFLEX. A crypto exchange offered traders "Flip DOGE for SHIB" and exchanged Dogecoins for Shiba Inu tokens. 

More Dogecoin News

Ethereum price vies to set new all-time high despite the recent flash crash

Ethereum price rose exponentially over the past 48 hours but experienced a massive flash crash on October 21. While this pushed ETH down significantly in a short period, the bulls’ perseverance kept the token afloat and ready for a new journey.

More Ethereum News

US public pension fund pours $25 million into Bitcoin and Ether

Institutional interest in cryptocurrencies continues to rise as a pension fund in the United States has made a substantial purchase in Bitcoin and Ether as the leading cryptocurrencies recently reached new all-time highs. 

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP