On-chain data reveals a significant movement from one of Bitcoin's earliest miners, stirring intense speculation across the cryptocurrency market. A wallet associated with the "Satoshi-era"—referring to miners active while Bitcoin's pseudonymous creator Satoshi Nakamoto was still publicly engaged—has moved 2,000 BTC (worth approximately $183 million based on recent valuations). This marks the first major activity from this cohort of ancient holders since November 2024.
Julio Moreno, head of research at analytics firm CryptoQuant, highlighted the event, noting that historically, Satoshi-era miners tend to move their Bitcoin at key market inflection points. "Historically, Satoshi-era miners move their Bitcoin at key inflection points," Moreno stated. The coins in question were originally mined on simple CPUs at a time when Bitcoin held minimal monetary value, and most from this era are considered lost or permanently frozen, making any movement noteworthy.
CryptoQuant's netflow chart, which measures the difference between coins entering and leaving miner wallets, shows a distinct red spike corresponding to this transfer. The data reveals a behavioral pattern where these original whales often sell into rallies. For instance, similar spikes occurred as Bitcoin broke $40,000 and raced toward $60,000 in 2021, and again in late 2024 when Bitcoin hit approximately $91,000.
The movement has captured significant social media and analyst attention because retail investors often believe these whales possess superior market insight. Furthermore, wallets holding such substantial sums can influence market liquidity and sentiment. Moreno added that these miners rarely react to short-term volatility, typically acting during broader macro shifts.
This event follows other signs of vintage Bitcoin activity, including roughly $183 million worth of early-mined BTC moved within a 72-hour window last month. Analysts caution that on-chain movement does not necessarily equate to selling on exchanges, as transfers could be for custody changes, security upgrades, or over-the-counter transactions. However, the timing continues to fuel debate about potential market direction and long-term holder behavior.
