Another Dormant Bitcoin OG Wallet Wakes Up And Sells BTC

A Satoshi-era Bitcoin wallet, which has been dormant since 2011 has suddenly moved 150 BTC worth over $16 million. The wallet first mined around 4,000 Bitcoin between April and June 2009, just months after the Bitcoin network went live. 

Blockchain data shared by Whale Alert revealed the movement on Thursday, which marked the first transaction from the address in 14 years. 

Satoshi-Era Bitcoin Wallet Activity Raises Questions

According to data from the mempool and Nansen, the whale once held as many as 7,850 BTC. The last known activity occurred in June 2011 when the owner consolidated about 4,000 coins into one address. This week’s 150 BTC transfer was the first sign of movement since then.

Blockchain analyst Emmett Gallic noted that the same individual might have once controlled over 8,000 BTC across several wallets. Over time, the holder appears to have been selling small amounts through different addresses. After the recent transfer, the balance now stands at roughly 3,850 BTC.

The transferred amount stands as only a small fraction of the wallet’s total balance and an even smaller share of daily Bitcoin trading volume, which is more than $20 billion. 

That means the market effect from this move is minimal.

Why the Satoshi-Era Bitcoin Wallet Movement Matters

Movements from early Bitcoin wallets always draw attention because they date back to the network’s beginnings. 

These coins were mined when Bitcoin’s creator, Satoshi Nakamoto, was still active in online forums.

Glassnode data shows that only a few pre-2011 wallets send transactions each year. Each time this happens, speculation grows about whether the owner could be Satoshi himself or one of the earliest miners. While such theories are common, they rarely hold up under scrutiny. Most old wallets that move funds turn out to belong to early miners or developers who have stayed quiet for years.

Market reactions to these awakenings are usually brief. Traders tend to worry that old holders might sell. This creates short-term price pressure. However, past examples show that these coins are often just being moved to new and more secure wallets rather than being sold.

The Market Context Behind the Move

The wallet’s awakening comes during a volatile period for Bitcoin. Prices have been consolidating between $108,000 and $111,000 after a drop from the recent all-time high of $126,000. 

Earlier this month, the market saw $19 billion in leveraged positions liquidated. Despite that, Bitcoin has shown strength. 

The Fear and Greed Index currently shows cautious optimism as traders wait for the next major price move. The 150 BTC moved this week makes up a tiny fraction of overall market liquidity. 

Fear and greed index shows caution among traders | source: CoinMarketCap

Analysts say that unless those coins are later traced to an exchange wallet, there is no reason to expect selling pressure.

Why These Old Wallets Keep Moving

There are several possible explanations for these movements. The wallet owner could be transferring coins for better security or even managing inheritance plans. Bitcoin security standards have changed since 2009, and many early users are now updating how they store their holdings.

Past awakenings from Satoshi-era wallets, including several in 2021 and 2023, did not cause any lasting market impact. Those transfers were later confirmed to be reorganisation transactions rather than large-scale liquidations.

Crypto analyst Willy Woo has previously pointed out that long-term whales holding over 10,000 BTC have been gradually selling since 2017. 

However, smaller holders from the early days often move coins without adding new supply to exchanges.