Somebody moved at least 1,000 bitcoin (BTC) that were dormant since they were mined in 2010. Bitcoin’s price, however, seems to be unfazed by the event.
Twenty blocks with coinbase reward were spent on October 11, shows onchain parser Btcparser.com, with BTC 1,000 in total, in block 652,204. This was followed by another BTC 50 in block 652,229, making it a total of BTC 1,050 moved. BTC 1,000 was consolidated into a single address and re-transferred.
Yet, at 9:25 UTC this morning, BTC is trading at USD 11,370. It’s unchanged in the past 24 hours and has appreciated nearly 6.3% in the past week.
The moved BTC is the so-called Satoshi era BTC, which in October 2010 was worth a total of USD 95, but today is worth approximately USD 11.37 million. Their price went up nearly 12 million percent between then and now.
When people refer to BTC as “Satoshi era,” they mean coins that were mined when Satoshi Nakamoto, the anonymous bitcoin creator that nobody heard from for nearly a decade, was still active in the crypto community, taking part in the project’s development.
It is not known, however, who the ‘mover(s)’ is, or why they’ve decided to move this whopping amount of coins, but there are some speculations in the Cryptoverse.
Cryptocurrency trader Kirill K seems to be the first to have reported this event, saying that “another 20 bitcoin wallets mined in 2010 has awakened.”
Per K’s analysis of “two major awakenings of elder bitcoins”, that on March 11 (before the major market crash) and this latest on on October 11, they both have the same owner. His arguments are that: both were done on the 11th day of a month; BTC 1,000 were transferred; BTC was collected on a P2SH address; then it was split between multiple BECH32 addresses; and there was a wallet receiving BTC 200 both times.
Hans Hauge, Head of quant strategy at Ikigai Asset Management, commented on Kirill K’s post, arguing that this is an old miner transferring coins to the newer Bech32 format, which is the native SegWit (Segregated Witness) address. And though, in Hauge’s opinion, old miners must be careful with transfers so as not to “spook the market,” moving USD 11m “into a spot market doing billions each day should not move the needle much in either direction.”
“This is bullish,” said Hauge. “If this guy was just planning on dumping these coins on an exchange, why bother with the new address format and chunk size? It’s like he’s organizing his vault.”
Meanwhile, there are also speculations if the controversial entrepreneur and self-proclaimed Nakamoto, Craig Wright, could be behind it:
Could be Craig, but I doubt it. He’ll probably wait until Kleiman is over next year.
Still, probably a big whale who see that BSV is the future. We may see a BSV pump.
— Stein H Ludvigsen – Bitcoinˢᵛ (@SteinLudvigsen) October 12, 2020