A Bitcoin wallet from the Satoshi era transfers 2,000 BTC for the first time in over a decade.

A wallet associated with the early days of Bitcoin, often referred to as a “Satoshi-era” wallet, recently moved a significant amount of BTC for the first time in over a decade. The wallet, which originally received its coins in 2010 when Bitcoin was still in its infancy, transferred 2,000 BTC worth nearly $180 million to U.S.-based crypto exchange Coinbase on November 15. This marks the first movement of the coins in 14 years, when Bitcoin’s price was still under 10 cents.

According to on-chain data provided by Lookonchain, the miner holding these coins has been hodling since Bitcoin’s earliest days, when its creator, Satoshi Nakamoto, was still active in the Bitcoin community. Today, with Bitcoin’s price nearing $90,000, these coins are worth significantly more than when they were mined.

This transfer is part of a broader trend in which dormant “Satoshi-era” wallets have started to become active, often moving coins to exchanges. In the past, such movements have been interpreted as a potential selling signal, raising speculation about the intentions of these early holders. Despite this, Bitcoin’s market remains largely unaffected by the transfer of these old coins, which have been moved in the past during bull markets without significantly impacting the overall market sentiment.

In recent months, other dormant Bitcoin wallets have also shown signs of life. For example, in September, a wallet dormant for over 15 years moved 250 BTC mined in 2009, while in August, another wallet that had been inactive since 2014 transferred 174 BTC. Perhaps most notably, a wallet inactive for 11 years moved 1,000 BTC worth over $60 million in May 2024. While these figures are smaller compared to the recent 2,000 BTC transfer, they still highlight the tendency of early Bitcoin miners to hold their assets for long periods of time, a phenomenon often referred to as “hodling.”

The fact that such large transfers are being made now, however, underscores how far Bitcoin has come since its early days. In the short term, large deposits of BTC on exchanges can sometimes affect the price of the cryptocurrency, especially if there is speculation about the intentions of the wallet holders. However, many analysts remain optimistic about Bitcoin’s long-term prospects. With bullish momentum currently driving the market and factors like the potential creation of a U.S. strategic Bitcoin reserve, the next price target for Bitcoin is often set at $100,000.

Looking ahead, developments such as the launch of spot Bitcoin ETFs, growing adoption of cryptocurrencies by nation-states, and institutional purchases like MicroStrategy’s $42 billion BTC buying target all point to a positive future for the world’s first cryptocurrency. As Bitcoin continues to gain recognition and acceptance as a store of value, its long-term outlook remains bullish, despite occasional volatility due to large transactions like the one witnessed on November 15.