During 2023, several early-era Bitcoin wallets, associated with the time when the Bitcoin network was still in its infancy, have come to life, transferring their BTC to new addresses.
On November 2, three Satoshi-era Bitcoin whale addresses that had remained dormant since November 2017 made notable transactions. In total, they moved 6,500 BTC, which is roughly valued at $230 million. Satoshi-era BTC refers to the very early days of the Bitcoin network when it was still relatively unknown.
According to data from BitInfoCharts, the first wallet transferred 2,550 BTC, estimated to be worth $90 million. The second address moved around 2,000 BTC, valued at $71 million, and the third address transferred approximately 1,950 BTC, worth $69 million.
All three wallets shared a common trait: their last transactions occurred nearly six years ago, on November 5, 2017. This means they remained untouched during the Bitcoin bull run and the cryptocurrency’s all-time high of over $69,000. Most of the Bitcoin in these three whale wallets dates back to July 2011 and is associated with F2Pool, a Bitcoin mining pool, indicating that it may have been accumulated through early Bitcoin mining. These wallets held BTC when it traded at less than $15.
While it is not confirmed whether all three wallets belong to the same individual or entity, the wallet history and transaction patterns suggest that it is a possibility. The recent reactivation of Bitcoin whale addresses containing cryptocurrency from the 2011 era follows shortly after the BTC price reached a new annual high above $35,000.
Throughout 2023, several Bitcoin whales and addresses that are more than a decade old have reawakened, transferring BTC to new addresses. In July, a wallet dormant for 11 years moved $30 million in BTC, and in August, a Satoshi-era wallet transferred 1,005 BTC to a new address.
