The cryptocurrency world has witnessed a fascinating development recently. One of the first Bitcoin miners has reawakened after a staggering 14 years of inactivity. This move of 50 BTC, worth over $3 million at the time, marks another example of the transfer of “Satoshi-era” BTCs following similar events in 2023.
A former Bitcoin whale has taken action
Dating back to April 2010, just a few months after the Bitcoin network’s inception, the dormant wallet acquired holdings worth just a few dollars each while the token was still in its infancy. This period, known as the “Satoshi era,” refers to the period when Satoshi Nakamoto, the enigmatic creator of Bitcoin, actively participated in online forums from late 2009 to 2011.
This latest transaction adds to a growing trend towards the resurgence of “Satoshi-era” wallets. In July 2023, a wallet that had been dormant for 11 years became active and a staggering $30 million worth of Bitcoin was transferred. This was followed by another wallet in August 2023, moving 1,005 BTC to a new address after a decade of silence. Finally, in December 2023, more than 1,000 Bitcoins from an early miner were seen waking up and heading to trading desks and custody services after a 13-year sleep.
Why did the whale take action?
The reasons behind these reactivations remain open to speculation. Some experts believe that the recent rise in Bitcoin price and subsequent partial correction may have pushed these early adopters to capitalize on market volatility. This dovetails with the theory that many long-term investors, after a decade of savings, may want to cash out their early investments.
Another possibility is the rediscovery of long-lost private keys. With the passage of time, some early adopters may have forgotten or misplaced their access keys, hindering their ability to access their “crypto” wealth. Sometimes, recent efforts to recover lost passwords or the use of secure storage solutions can explain the sudden activation of these wallets.
Meanwhile, cryptokoin.com As we reported, the cryptocurrency market has started to recover after the “carnage” that took place over the weekend. Over the weekend, the price of Bitcoin experienced a major decline due to the tension between Iran and Israel, falling to $ 60,000. Today started the first day of the new week on a higher note. Developments such as ETF approval for Bitcoin and Ethereum in Hong Kong were also behind this development.
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