Over 1,000 bitcoins mined in the early phases of the Bitcoin network, commonly known as the “Satoshi era,” were recently transferred. According to information provided by CryptoQuant, an on-chain analytics company, this transfer occurred on December 4, representing a seldom-seen occasion where assets generated in the initial stages of BTC changed ownership.
These BTC’s, mined between August and November 2010—over thirteen years ago—as part of block rewards, are estimated to have a total value of approximately $100.
Bitcoin’s Spectacular Surge: Transferred Sum Hits $43 Million
The address 35BRV3y2tEJNCHbmVtAe3kXNckYgu8X7av received exactly 999.99 BTC’s in a single transaction, subsequently dispersing the holdings among various addresses. Eventually, these BTC’s were consolidated in the address 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ, which currently boasts a balance of 1,028 bitcoins. At current market prices, the total value of these BTC’s holdings is estimated to be around $43 million.
Analysts at CryptoQuant suggest that the individual who moved these BTC’s, possibly an early miner, may have sold them, potentially channeling the proceeds into an over-the-counter (OTC) or custodian service. This recent transaction aligns with other occurrences of “Satoshi-era” BTC’s becoming active in 2023. In July, a wallet inactive for 11 years transferred $30 million worth of bitcoin to other wallets, and in August, another wallet moved 1,005 BTC to a new address. The movement of these early-mined BTC’s coincides with a period of renewed optimism for BTC. As the Bitcoin halving is scheduled for April, analysts also predict a potential surge in prices.
In preparation for the upcoming BTC halving event, a pivotal moment for BTC, which historically influences market sentiments through its impact on supply dynamics, WatcherGuru has introduced a live Bitcoin halving countdown. This tool allows anyone to track the live countdown of the halving event.