'Satoshi-Era' Bitcoin Worth $43M Moves After A Decade Of Dormancy

Over a thousand Bitcoins BTC/USD from the “Satoshi era” changed hands earlier this week. 

What happened: The “Satoshi era” refers to the period during which Bitcoin’s pseudonymous creator, Satoshi Nakamoto, was active, approximately from 2009 to 2011. In this context, “Satoshi era” bitcoins have been mined and unmoved since that early stage of the Bitcoin network.

CryptoQuant, an on-chain analytics firm, confirmed to CoinDesk that 1,000 bitcoins, long dormant since their last movement in 2010, were suddenly relocated to trading platforms and custody solutions. 

The total cost of mining these coins at their inception is calculated to have been a mere $100. Currently, the moved bitcoins are estimated to have a market value of $43 million.

Initially, these bitcoins were moved to a singular address. Shortly thereafter, they were dispersed to a range of different addresses, on-chain data shows.

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Why It Matters: Earlier in November, three Bitcoin wallets, dormant since the Satoshi period and last active six years ago, transferred Bitcoins amounting to around $230 million.

Bitcoin whale wallets from the early stages of the Bitcoin network, often referred to as the ‘Satoshi-era', have moved a total of 6,500 BTC. 

Data from BitInfoCharts revealed that the first wallet moved 2,550 BTC ($90 million). The second wallet transferred roughly 2,000 BTC ($71 million), and the third wallet moved around 1,950 BTC ($69 million).

Price Action: At the time of writing, BTC was trading at $43,698, down 0.78% in the last 24 hours, according to Benzinga Pro. 

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