Monday Newsletter

Explore the latest trends, gain valuable insights, and stay informed in the dynamic cryptocurrency ecosystem.

06 May 2024

According to a Chainalysis report, there are around 1.75 million Bitcoin addresses that have been inactive for over a decade, holding substantial amounts of BTC. A dormant Bitcoin address from the Satoshi Nakamoto era has recently reawakened after 10 years of inactivity. The Bitcoin wallet, containing 687 BTC worth approximately $43.9 million, transferred its funds to two different wallets on May 6.

The wallet initially transferred 625.43 BTC to an address starting with bc1qky and the remaining 61.9 BTC to bc1qdc. Such movements of funds from long-dormant wallets, especially from the Satoshi era, often intrigue the crypto community.

The term “Satoshi era” refers to the period shortly after Bitcoin’s inception when its pseudonymous creator, Nakamoto, was active online. Some speculate that certain Satoshi-era wallets may be linked to Nakamoto himself.

In August 2023, another such wallet awoke from dormancy after nearly 14 years, transferring 1,005 BTC mined in 2010. This activity generated significant buzz on social media, with some speculating it might be linked to Satoshi’s personal holdings.

However, experts suggest that these movements are more likely connected to early miners or investors seeking to take profits.

According to a Fortune report, around 1.75 million Bitcoin wallets have been inactive for over a decade. Many contain significant BTC bought when prices were still in double digits and are now worth millions.

These dormant wallets collectively hold 1,798,681 BTC, valued at roughly $121 billion at current prices. In recent years, many Satoshi-era wallets have become active again, often transferring their holdings to new addresses.

For example, in July 2023, a wallet that had been inactive for 11 years transferred $30 million in BTC. And in November 2023, three Satoshi-era wallets transferred $230 million in BTC after six years of dormancy.

These three wallets are believed to be linked to the same individual or organization, as they last made transactions on November 5, 2017. This trend suggests that these old wallets may be connected to individuals or groups looking to capitalize on their early investments.