More than 1,000 bitcoins from the early days of the Bitcoin network, often referred to as the “Satoshi era,” were recently transferred. According to data from on-chain analytics firm CryptoQuant, the bitcoins were moved on December 4, marking a rare event where assets mined during Bitcoin’s early stages changed hands.
The bitcoins, mined over thirteen years ago between August and November 2010, were part of the block rewards and had an estimated total cost of $100.
Also read: Bitcoin Regains $44,000 Once Again, Will BTC Hit $50,000 Soon?
The moved Bitcoin is now worth $43 million
Address 35BRV3y2tEJNCHbmVtAe3kXNckYgu8X7av received precisely 999.99 bitcoins in a single transaction, subsequently distributing the holdings across various addresses. Eventually, the bitcoins were consolidated in address 1CzBL1pEudgqeTtoyPLtrVQHo7nYAZxmKZ, which currently holds a balance of 1,028 bitcoins.
At current prices, the total market value of these bitcoin holdings is approximately $43 million. Analysts at CryptoQuant speculate that the early miner who moved the bitcoins may have sold them, possibly directing the funds into an over-the-counter (OTC) or custodian service.
This recent movement follows other instances of “Satoshi-era” bitcoins becoming active in 2023. In July, a wallet that had been dormant for 11 years transferred $30 million worth of bitcoin to other wallets, while in August, another wallet moved 1,005 BTC to a new address.
Also read: Shiba Inu To 1 Cent? Google Bard Predicts When SHIB Could Hit $0.01
The movement of these early-mined bitcoins comes at a time of renewed optimism for bitcoin. With the Bitcoin halving set to happen in April, analysts also anticipate a price surge.
The upcoming Bitcoin halving event, a significant BTC event, is known to impact its supply dynamics and has historically influenced market sentiments. WatcherGuru has introduced a live Bitcoin halving countdown, where anyone can get the live countdown of the halving event. You can check out the real-time Bitcoin Halving Countdown here.