Las Vegas, Nevada, Wednesday, May 8, 2024 – A Bitcoin wallet from the early days of the cryptocurrency, known as the “Satoshi Era,” has awakened after 14 years of inactivity. The wallet transferred 50 bitcoin (BTC), currently worth over $3 million, on April 15.1
The transaction highlights a recent trend of dormant Bitcoin wallets reactivating, raising questions about the vast amount of “lost” coins. According to Chainalysis, a blockchain analytics firm, there are an estimated 1.75 million Bitcoin addresses that haven’t been used in over a decade. These wallets hold a combined $121 billion worth of BTC.2
The reactivated wallet sent its holdings to two separate addresses. The reason for the movement remains unknown, but it could signal a potential cash-out by an early investor.
The “Satoshi era” refers to the period following Bitcoin’s launch in 2009, when its pseudonymous creator, Satoshi Nakamoto, was active online. Some of the oldest Bitcoin wallets are believed to belong to early miners or investors from this era.
The recent surge in dormant wallet activity has sparked speculation about the fate of “lost” Bitcoins. These are coins presumed to be inaccessible due to forgotten passwords or lost private keys. While some wallets are undoubtedly lost, others may belong to long-term holders, known as “HODLers,” who are finally cashing out on their investments.
Experts say it’s difficult to determine the exact reasons behind dormant wallet movements. Price fluctuations may influence some holders to sell, while others might be reactivating wallets for inheritance purposes.
The fate of Satoshi’s own holdings, estimated at around 1.1 million BTC, remains a mystery. Most experts believe these coins are unlikely to ever re-enter circulation.
The trend of dormant wallets awakening is expected to continue, albeit at a slower pace. This raises questions about the true amount of lost Bitcoins and their potential impact on the cryptocurrency’s future supply.
- twitter.com: https://twitter.com/whale_alert/status/[↩]
- finance.yahoo.com: https://finance.yahoo.com/news/old-bitcoin-wallets-keep-waking[↩]
