Bitcoin Wallet Rises After 11 Years of Satoshi Era, Transfers $14M

After an 11-year hibernation, the Bitcoin wallet, which has been owned by miners since the days of Satoshi in 2010, has come back to life.

This entity suddenly became active on August 7 and transferred 250 BTC worth approximately $13.95 million to five new wallets.

Historical Bitcoin Wallet active since 2010

According to the latest update from popular on-chain tracker Lookonchain, when Bitcoin hovered below the $1 mark in May 2010, the wallet first received 250 BTC. Notably, the entity is sitting on more than $14 million in unrealized profits through 2024 (at least for now).

The latest transfer saw the proceeds split across five different wallets with amounts ranging from 10 BTC to 60 BTC each. The unexpected activation of this long-standing address has sparked curiosity and speculation.

Seeing dormant wallets come back to life isn't entirely new. Indeed, many from the Satoshi era — the period between 2009 and 2011 when Bitcoin's anonymous creator was involved — have shown significant activity.

Recently, a bitcoin wallet that had been dormant for 14 years woke up and transferred 50 BTC, worth $3.05 million at the time, to the Binance crypto exchange. As reported by CryptoPotato, the wallet owner initially received the money as a mining reward.

Bitcoin price struggle

The latest move comes as bitcoin struggles to regain ground. Over the weekend, the crypto-asset suffered a major price crash, falling below $50,000 for the first time since February 2024 due to several factors. The decline reflected sharp losses in stock markets across Europe and Asia, underscoring the broader economic crisis and general risk concerns among investors.

Disappointing US employment figures released last week fueled fears of a slowdown in the world's largest economy, prompting a sell-off in risk-adjusted assets. The sudden drop in prices of digital assets has devastated hundreds of thousands of traders, with total liquidations reaching more than a billion dollars.

Bitcoin has surged above $57,000 and is up more than 4 percent in the past 24 hours.