According to CoinDesk, over 1,000 bitcoins (BTC) mined during the network's early stages were moved to trading desks and custodian services on December 4. The tokens were previously moved 13 years ago, between August and November 2010, and were mined from block rewards at an estimated total cost of $100. The transferred bitcoin was eventually consolidated in address 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ, which now holds a balance of 1,028 bitcoin, with a market value of $40 million at current prices.
Satoshi era refers to the period when bitcoin's pseudonymous creator, Satoshi Nakamoto, was active on online forums from late 2009 to 2011. CryptoQuant analysts speculate that the early miner has sold the 1,000 Bitcoin, sending them into an over-the-counter (OTC) or custodian service. Several Satoshi-era bitcoin have been active since the start of 2023, with wallets that had been dormant for 11 years transferring millions of dollars worth of the asset to other wallets. This activity comes amid renewed optimism for bitcoin adoption as prices have more than doubled on a year-to-date basis, driven by factors such as anticipation of a possible spot exchange-traded fund (ETF) approval in the U.S., expected rate cuts, and possible sovereign adoption as bitcoin-friendly leaders take the helm in major economies.
