U.Today – According to Julio Moreno, head of research at CryptoQuant, one of the first miners of the Satoshi era has moved 2000 BTC. This activity involved coins mined in 2010, a time when the value of Bitcoin was negligible compared to current prices.
The “Satoshi era” refers to the period when Bitcoin's pseudonymous creator, Satoshi Nakamoto, was active in the community, approximately 2009-2010.
Bitcoin mined during the early years (2009-2011) is considered part of Bitcoin's founding history. Transactions involving these currencies are rare and often attract considerable attention. This is usually because former Bitcoin miners act as a source of liquidity and distribution.
The transfer was notable not only for its size but also because these were coins that had been held for approximately 14 years. The motivation behind moving such a significant amount of Bitcoin after an extended period can vary.
Some possible reasons include: The holder could be trying to capitalize on current market prices or finance new ventures or investments. Sometimes old addresses move small amounts to test security and modern transaction capabilities before deciding on larger moves.
It is also possible that the owner is moving his holdings to improve security, using modern wallets with advanced security features compared to older ones.
The move could be part of a broader market strategy, such as preparing for a big sale through over-the-counter (OTC) markets.
According to Moreno, the latter scenario could be the case. He speculates that the coins likely went to an OTC counter or custodian, given that they were sent to several other new addresses almost immediately.
At the time of writing, BTC was down 0.5% in the last 24 hours to $69,681. At current prices, the value of the 2,000 BTC transferred would be worth almost $130 million.
This article was originally published on U.Today.
