In a noteworthy occurrence, over 1,000 bitcoins mined in Bitcoin’s formative years, often denoted as the “Satoshi era,” were recently moved to trading desks and custodian services.
On December 4, an early miner orchestrated the transfer of these bitcoins, originally mined between August and November 2010, with an estimated total cost of $100, according to insights from on-chain data firm CryptoQuant.
The transfer involved address 35BRV3y2tEJNCHbmVtAe3kXNckYgu8X7av, and the bitcoins were eventually consolidated in address 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ, now holding a balance of 1,028 bitcoins, valued at $40 million at present prices.
This rare movement has sparked speculation that the early miner potentially sold the bitcoins, directing them towards an over-the-counter (OTC) or custodian service. The event adds to the ongoing activity involving Satoshi-era bitcoins, with similar movements observed in 2023.
The increased engagement aligns with the growing optimism surrounding Bitcoin adoption, evident in the more than doubled prices witnessed on a year-to-date basis. As the market closely monitors these movements from the early days of Bitcoin, it underscores the enduring intrigue and significance of transactions linked to the network’s foundational period.
