Nearly 1000 Bitcoin (BTC) worth over $43 million were recently transferred after being dormant for more than 13 years, according to on-chain analysis. Blockchain analytics platform CryptoQuant revealed that on December 4, a Bitcoin address received 999 BTC in a single transaction. This address was newly generated, while the sent BTC originated from block rewards between August and November 2010. These coins were eventually consolidated into a separate address, currently containing 1,028 BTC ($44.6 million).
The Significance of the Transaction
“The 1K mined Bitcoin was worth a total of $100 at the time of mining,” stated CryptoQuant. This suggests that the original owner of the coins was an early Bitcoin enthusiast who acquired them through mining during the network’s early days. The transaction also indicates that the owner may have sold the coins due to the transaction patterns of the receiving address. There is a possibility that the 1K Bitcoin were sent to an over-the-counter (OTC) or custodian service, which allows institutions to trade large amounts of BTC without impacting the market price significantly.
Satoshi-era Bitcoin Movement
This is not the first time that dormant Bitcoin from the Satoshi era has been transferred this year. In July, a wallet that had been inactive for 11 years sent 1,037 BTC to a new address. Similarly, in August, another wallet moved 1005 BTC after being dormant for 12.8 years. These movements suggest that coins from the early days of Bitcoin, which were previously assumed to be lost, are now starting to reemerge.
While most long-term holders appear unwilling to sell their coins at current prices, data from Glassnode indicates that BTC may experience significant gains in the future. However, the price of Bitcoin remains above the True Market Mean Price, reflecting the level at which the average investor acquired their coins, which is currently around $31,500.
