Bitcoins worth more than $11 million was moved in a single transaction yesterday, October 11th. Data from on-chain analytics providers reveals that the huge amount has been sitting idle for the past 10 years as this was the first time it was moved.
Another Stack of Satoshi-era BTC Transferred Yesterday
It appears that the transactions of bitcoins mined during the days when Satoshi Nakamoto, the network’s pseudonymous creator, was active, are increasing.
Yesterday, October 11th, there was a transaction of 1,000 bitcoins mined in September 2010, going out to an unknown set of addresses.
The total worth of the bitcoins moved is around $11.3 million at current rates. At this point, it’s unclear who the miner was or who is the receiver of the massive amount.
However, it’s important to point out that, whoever this person or people were, they haven’t moved the BTC in 10 years as this is the first outgoing transaction from that address since 2010.
It’s also worth noting that Satoshi Nakamoto was still active during the time when the bitcoins were mined. Data from Bitcointalk reveals that Satoshi’s last activity was in December 2010.
The Importance of Subtlety
It’s safe to say that the cryptocurrency market is a volatile one where major moves in either direction occur with relative regularity.
That being said, in May this year, someone sent 50 BTC mined in 2009 to an unknown address. The cryptocurrency community started speculating almost immediately that this was, indeed, Satoshi Nakamoto. The price suddenly tanked as a result of fears that there would be further unloading coming in.
That’s not always the case, though. Earlier this month, there was another transaction of 50 BTC mined in May 2010 – still within the Satoshi-era, and the markets didn’t react at all. Commenting on the matter back then was the CEO of Binance, Changpeng Zhao, who outlined the previous correction, while also reminding that “correlation does not prove causation.”
In any case, we have yet to see whether or not the market will react to the latest transaction or if it would remain impartial as it did the last time.