Satoshi-era dormant Bitcoin address wakes up after 10 years

A dormant Bitcoin address dating back to the Satoshi era has woken up after 10 years. The Bitcoin (BTC) wallet containing 687 BTC ($43.9 million) transferred its holdings to two different wallets on May 6.

The wallet first transferred 625.43 BTC to an address starting with bc1qky and the remaining 61.9 BTC to bc1qdc. The movement of funds from very old wallets, especially from the Satoshi era, often sparks curiosity among the crypto community.

The term Satoshi era relates to the early days after Bitcoin was created when its pseudonymous founder, Satoshi Nakamoto, was active online in forums. Some Satoshi-era wallets are often speculated to be linked to Satoshi himself.

One such wallet woke from dormancy last year in August, nearly after 14 years, and transferred 1005 BTC mined in 2010. The wallet movement created the most buzz on social media, speculating that it was Satoshi’s wallet.

However, experts suggest it is more likely associated with early miners or buyers just trying to make a profit.

According to a Fortune report, a total of 1.75 million Bitcoin wallets have remained inactive for over a decade. Many of these wallets contain significant BTC holdings estimated to be bought when the BTC price was trading in double digits and is currently valued in millions.

These dormant wallets contain 1,798,681 Bitcoin that are today worth around $121 billion.

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Over the past couple of years, numerous Satoshi-era wallets have been activated only to transfer the BTC holdings to a new address. Some of these wallets were also found to have transferred their BTC holdings to crypto exchanges, which suggests they might be looking to take profits after nearly a decade.

In July 2023, a wallet dormant for 11 years transferred $30 million in BTC; later, in November, three Satoshi-era BTC wallets transferred $230 million in BTC after six years of dormancy.

The three wallets were believed to be connected to the same individual or organization, as they made their last transaction on Nov. 5, 2017.

Magazine: The value of a legacy: Hunting down Satoshi’s Bitcoin