Satoshi Era: 1,000 BTC Moved from Early Miner to Trading Desks

• Early Bitcoin Mining Yields Transfer: Satoshi Era Transactions in Focus
• Bitcoin Transaction Details
• The Satoshi Era
• Recent Activity in 'Satoshi Era' Bitcoin
• Factors Influencing Bitcoin Price

Early Bitcoin Mining Yields Transfer: Satoshi Era Transactions in Focus

An extraordinary movement of bitcoin, mined during the early days of the network, has been detected this week. This transaction joins a select few instances involving the transfer of bitcoin from the so-called Satoshi era. Over 1,000 bitcoins, originally mined by an early participant in the network, were transferred to trading desks and custodian services on December 4, according to on-chain data by CryptoQuant. Remarkably, these tokens had not changed hands since they were first moved thirteen years ago, between August and November 2010, and were mined from block rewards at an estimated total cost of $100.

Bitcoin Transaction Details

The Bitcoin$42,260 -0.64% address 35BR...X7av received 999.99 Bitcoin in a single transaction. Shortly after, the holdings were disbursed to several addresses. Eventually, the Bitcoin was consolidated in address 1CzBL1pEudgQEudgqeTtoyPLtrVQHo7nYAZxmKZ, which now boasts a substantial balance of 1,028 Bitcoin. At the current market rates, these holdings carry a value of $40 million.

The Satoshi Era

The term Satoshi era is often used to describe the time period when Bitcoin's pseudonymous creator, Satoshi Nakamoto, was actively participating in online forums. This period spans from late 2009 to 2011. Analysts from CryptoQuant speculate that the early miner has decided to cash in, selling the 1,000 Bitcoin via an Over-the-counter (OTC) or custodian service. The specific transaction patterns of the receiving address suggest that the bitcoin was indeed transferred to an OTC or custodian service.

Recent Activity in 'Satoshi Era' Bitcoin

Since the beginning of 2023, several 'Satoshi era' bitcoin have been notably active. In July, a wallet that had been dormant for 11 years transferred $30 million worth of the asset to other wallets. Then, in August, another wallet moved 1,005 BTC to a fresh address. Such activities have occurred at a time of rejuvenated optimism for bitcoin adoption, as prices have more than doubled in the year-to-date.

Factors Influencing Bitcoin Price

The significant increase in Bitcoin's price over the past few weeks is believed to be driven by several factors. These include speculation surrounding the approval of a potential spot exchange-traded fund (ETF) in the U.S., expectations of rate cuts in the U.S. that could favor high-risk investments like tech stocks and Bitcoin, and the possibility of wider adoption as Bitcoin-friendly leaders emerge in major economies.

Edited by Jonathan Stoker