After a decade of dormancy, a Bitcoin address that dates back to the time when Satoshi Nakamoto was active has suddenly sprung to life. The wallet, which contains a staggering 687 BTC worth $43.9 million, recently transferred its holdings to two separate wallets on May 6th.
The first transfer saw 625.43 Bitcoin (BTC) move to an address starting with bc1qky, while the remaining 61.9 BTC was sent to bc1qdc. The movement of funds from such old wallets, particularly those associated with the Satoshi era, tends to ignite curiosity within the crypto community.
The term “Satoshi era” pertains to the early days following the creation of Bitcoin when its pseudonymous founder, Nakamoto, actively participated in online forums. Certain wallets from this era are often speculated to be linked to Satoshi himself.
One such wallet, which had been lying dormant for nearly 14 years, suddenly came to life in August 2023 and moved 1,005 BTC mined in 2010. This wallet generated significant buzz on social media, with many speculating that it could be Satoshi’s wallet. However, experts believe it is more likely associated with early miners or buyers seeking to capitalize on their holdings.
According to a report by Fortune, a total of 1.75 million Bitcoin wallets have remained inactive for over a decade. Many of these wallets contain substantial BTC holdings that were likely acquired when the price of Bitcoin was in the double digits, but are now valued in the millions.
These dormant wallets collectively hold 1,798,681 Bitcoin, which amounts to approximately $121 billion at today’s prices.
In recent years, numerous 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 send their BTC to crypto exchanges, indicating a potential desire to cash out after nearly a decade.
In July 2023, a wallet that had been dormant for 11 years suddenly transferred $30 million worth of BTC. Then, in November 2023, three Satoshi-era BTC wallets, which had been inactive for six years, collectively transferred $230 million in BTC. These three wallets are believed to be connected to the same individual or organization, as their last transactions were made on the same day, November 5, 2017.
As a result of such activities, the hunt for Satoshi’s Bitcoin continues, with enthusiasts and experts alike trying to uncover the true identity behind these dormant wallets and their significant BTC holdings.