Three dormant Bitcoin addresses associated with the early days of the Bitcoin network, often referred to as the Satoshi Era, made a significant move on November 2, transferring a total of 6,500 BTC, valued at approximately $230 million. The Satoshi Era denotes the initial phase of Bitcoin’s existence when it was relatively obscure.
As reported by Bitinfocharts, the first wallet in this trio moved 2,550 BTC, equivalent to $90 million. The second address transferred approximately 2,000 BTC, worth $71 million, while the third address saw a transfer of about 1,950 BTC, valued at $69 million.
Interestingly, all three of these wallet addresses share a common trait: the last recorded transaction from each of them occurred on November 5, 2017, nearly six years ago. This implies that these wallets remained untouched during the entire Bitcoin bull market, including the remarkable all-time high exceeding $69,000.
Most of the BTC in these three whale wallets dates back to July 2011 and is linked to F2Pool, a Bitcoin mining pool, suggesting that it was likely accumulated during the early stages of Bitcoin through mining. This means that these wallets held BTC when its value was below $15.
It has not been confirmed whether these three wallets belong to the same individual or entity. However, the wallet histories and transaction patterns suggest that this is a plausible scenario. The recent movement of Bitcoin from addresses associated with the 2011 era coincided with Bitcoin’s price reaching a new yearly high of over $35,000.
In 2023, we have witnessed a resurgence of Bitcoin whales and long-dormant addresses, some of which are more than a decade old, as they have been actively transferring BTC from the early 2010s to new addresses. Earlier in the year, a wallet that had been dormant for 11 years transferred $30 million worth of BTC, and a month later, in August, another wallet from the Satoshi Era moved 1005 BTC to a new address.