After staying in a state of oblivion for 15 years, the US media reported that a number of Bitcoin wallets woke up from slumber to move a sizeable $16 million in Bitcoin tokens on Friday.
According to the details, it wasn’t clear if these ‘Satoshi Era’ wallets belonged to the same person. The latest Bitcoin whale movement sparked speculations in the crypto world about a possible return of Satoshi Nakamoto who published the Bitcoin whitepaper on Halloween Day in 2008.
Bitcoin Whales Move 250 Bitcoin Tokens in 5 Transactions
In an unexpected development, Satoshi-era wallets shifted 250 Bitcoin tokens in five separate transactions on Friday. Each of the transfers moved 50 Bitcoins to new wallets, with a total value of around $13 million. The local media reports didn’t divulge any details about any movement from the new wallets to any crypto exchange till the time of publishing this news.
The latest Bitcoin wallet movement is in line with the significant BTC wallet activity reported in July and December last year.
BTC Tokens Mined During Early Days Off to New Wallets
Bitcoin (BTC), which was seen trading at $63,121.20 at 7:00 PM EST, reported a field day on Friday with its price jacking up by 0.25% or $157.40 in a 24-hour circle. However, it was Bitcoin wallet movement that stole the limelight on Friday after 250 BTC were moved to new wallets. Interestingly, all of these BTC tokens were mined during its earliest days. It’s quite rare that Bitcoin tokens from the so-called “Satoshi era” become active.
Satoshi Nakamoto, the creator of Bitcoin, was active on various online forums from late 2009 to 2011. Bitcoin tokens mined during that period are termed as “Satoshi era” coins.
Whale Alert Flags Massive BTC Movement
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According to the details shared by Whale Alert on X, more than 250 BTC tokens were moved on Friday. The total worth of these tokens was around $16 million. These tokens were shifted to the new wallets within an hour on European morning. Each of the five transactions was a batch of 50 Bitcoin tokens. However, it is yet to be known whether these tokens belonged to a single entity or individual. According to press reports, no movement was made from the new wallets to any crypto exchanges.
As per the blockchain data, Bitcoin tokens were received in 2009 as a block reward, only few months after the crypto network began its success story. Since then, these wallets had remained inactive until September 20, 2024.
History of Satoshi Era Bitcoin Token Movements
It was not the first time that Satoshi era Bitcoin tokens have been moved to a new wallet or crypto exchange. It has happened several times during the past few years. A dormant Bitcoin wallet became active in July 2023 to transfer $30 million worth of Bitcoin tokens after staying inactive for 11 years. Another wallet followed the suit in August with a movement of 1,005 BTC tokens to a new address. Similarly, over 1,000 BTC tokens were sent to various crypto exchanges in December 2023, which were likely sold off, one of the largest Satoshi era Bitcoin movements to exchanges.
The Final Word
In the latest episode of Bitcoin wallet movement, 250 BTC tokens were moved to a new wallet by the dormant Bitcoin wallets which stayed inactive since Satoshi era. The movement on Friday has sparked frenzy in the crypto world that elevated Bitcoin price to above $64,000 for a brief period before it hovered around just over $63,100 at the time of filing this report.
Many crypto enthusiasts thronged the microblogging website X with speculations of the return of Satoshi Nakamoto. Many others feared a massive BTC price fluctuation in the aftermath of the Bitcoin wallet movement. For now, Bitcoin looks steady above $63,000 but how long will it sustain the key levels, only time has the answer.
Whether Satoshi Nakamoto is back or not, Bitcoin is predicted to hit $100,000 by the end of 2024 by many crypto analysts. The month of October in the Bitcoin halving year is typically regarded as bullish period. Will history repeat itself this year? Stay tuned to TheBITJournal to find out all about Bitcoin wallet activity and BTC whale movements.
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