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


Share:
  • 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.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike

Bitcoin, Ethereum prices seesaw ahead of the Fed’s decision on rate hike

The US Federal Reserve is expected to raise interest rates while facing the tough task of tackling the banking crisis. Economists expect the central bank to increase its target rate range to 4.75% -5%, although there is a debate as some believe the Fed will not raise its rates at all. Bitcoin price rally steadied above the $28,000 level after yielding nearly 15% gains over the past week.

More Cryptocurrencies news

Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%

Aptos Price Forecast: This key level will determine if APT will rally 20% or crash 40%

Aptos price lacks directional bias as it consolidates below a critical hurdle. This level is key in determining where APT will head next. Investors need to wait for confirmation before making their decision. Aptos price rallied 554% between December 30, 2022, and January 26, 2023. This massive uptrend set up a local top at $20.40, resulting in a reversal that pushed APT down by 52%. 

More Aptos News

These altcoins could yield massive gains after Cardano and XRP prices rally this alt season

These altcoins could yield massive gains after Cardano and XRP prices rally this alt season

While large market capitalization assets Bitcoin and Ethereum hold steady, altcoins like Cardano and XRP have yielded double-digit gains overnight. Crypto experts believe Bitcoin’s rising dominance signals the popcorn effect is close, gains will continue spilling over in altcoins like Cardano (ADA) , XRP and Cosmos Hub’s ATOM. 

More Cryptocurrencies News

XRP price tags $0.49 as Ripple bulls make a comeback

XRP price tags $0.49 as Ripple bulls make a comeback

Ripple, one of the largest altcoins by market capitalization, witnessed a massive run up to the $0.49, ahead of the US Federal Reserve’s rate hike decision. The recent updates in the SEC v. Ripple lawsuit and the banking crisis have turned market participants bullish on XRP and cryptocurrencies.

More Ripple News

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder

US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge. 

Read full analysis

BTC

ETH

XRP