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Wake-up of Giants: Significant Transfers of Dormant BTC

Wake-up of Giants: Significant transfers of dormant BTC

  • Three Bitcoin wallets dating back to the Satoshi era have transferred around $230 million in BTC.
  • These wallets were inactive since November 2017 and remained dormant during the market’s record surge.
  • The funds potentially originate from early mining activities and could be linked to the F2Pool mining pool.

On November 2, 2023, a surprising movement was observed on the Bitcoin network: three wallets from the Satoshi era, which had been inactive since November 2017, transferred a total of 6,500 BTC, approximately $230 million. The ‘Satoshi-era BTC’ refers to the early years of the Bitcoin network when it was still unknown.

The first wallet moved 2,550 BTC, estimated at $90 million. The second wallet transferred around 2,000 BTC, worth $71 million, and the third moved approximately 1,950 BTC, equivalent to $69 million.

A Slumber Through the Bull Runs

These three wallets share a common characteristic: their last transaction dates back almost six years, on November 5, 2017. They have therefore ‘slept’ during Bitcoin’s historic rise and its peak at over $69,000. The majority of the bitcoins in these three wallets date back to July 2011 and are believed to be linked to F2Pool, a Bitcoin mining pool, suggesting early mining accumulation. At that time, BTC was trading at less than $15.

Speculations on the Identity of the Owners

It is not confirmed whether the three wallets belong to the same individual or entity, although the history and transaction patterns could suggest it. This movement of funds comes just a few days after the price of BTC reached a new yearly high, surpassing $35,000.

In 2023, several Bitcoin whales and wallets over 10 years old have awakened from their dormancy to transfer BTC to new addresses. In July, an inactive wallet for 11 years transferred $30 million worth of BTC, and in August, a wallet from the Satoshi era moved 1,005 BTC to a new address.

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