After 10-year Bitcoin Dormancy, a Bitcoin address from the cryptocurrency’s early days has suddenly resurfaced among the crypto community. The address had been inactive since its creation in 2012. Its unexpected activation led to questions regarding its owner’s identity and the reasons for the long period of dormancy.

Effects on cryptocurrency markets

The activation of the dormant address has also had a noticeable impact on the cryptocurrency market, with some analysts reporting a rise in trading activity and volatility following the movement of funds. Traders and analysts are closely monitoring the situation and the effect this may have on the market overall. The community rumors on the owner’s Bitcoin intentions. Guessing if the address’s owner intends to sell or move their Bitcoin holdings.

As the crypto community watches for more developments, it has rekindled discussions regarding Satoshi Nakamoto’s identity and his creation of Bitcoin.

Holdings

After over ten years of dormancy, a Bitcoin address linked to Satoshi Nakamoto’s launch of Bitcoin became active. On May 6, 2024 it transferred 687 BTC to two different wallets, totaling around $43.89 million.

The wallet transferred 625.43 BTC to a wallet address beginning with bc1qky and 61.9 BTC to a wallet address beginning with bc1qdc. The transfer of crypto holdings from older wallets, suspected to be from the early days of Bitcoin when Satoshi Nakamoto was active online increasing interest rate.

Dormant Wallet

Last August, someone reopened a wallet that had been dormant for nearly 14 years, sending 1005 BTC mined back in 2010. This aroused rumors online, with many assuming it was Satoshi’s wallet. However, experts believe it is likely due to early miners or investors looking for profit.

According to a Fortune article, 1.75 million Bitcoin wallets have been dormant for more than a decade. Many of these wallets contain considerable BTC holdings, estimated to have been purchased when the BTC price was in the double digits and is now worth millions.

These dormant wallets contain 1,798,681 Bitcoin, currently valued approximately $121 billion.

Fact

In recent years, several Satoshi-era wallets have been activated, transferring their BTC holdings to new addresses. Some have even moved their BTC to crypto exchanges. Thich suggests they might be looking to take profits after nearly a decade.

The term “Satoshi era” refers to the early days after Bitcoin was created when its founder, Satoshi Nakamoto, was active online in forums from late 2009 to 2011.
Some Satoshi-era wallets are often speculated to be linked to Satoshi himself.

Cointelegraph, 2024