Seven Satoshi-era bitcoin mining wallets move after 16 years

Seven Satoshi-era bitcoin mining wallets became active again after about 16.5 years and moved a total of 350 bitcoin. Blockchain outlet U.Today reported on Sept. 6 that the holdings were worth about $28 million at current prices.

On-chain data showed each wallet transferred 50 bitcoin. The coins were created as mining rewards in March 2010, less than 15 months after the bitcoin network launched in January 2009.

At the time, the bitcoin block reward was 50 bitcoin. The seven wallets that moved had each held the reward from seven early mining blocks.

The move is drawing attention more for the coins' origin than for its size. Bitcoin mined in March 2010 rarely moves. With bitcoin rebounding recently to around $80,000, the value of each 50 bitcoin is now about $4 million.

Still, the transfer alone does not allow a conclusion about selling pressure. A basis to interpret it as a sign of a short-term supply increase would emerge only if the coins later move to an exchange or a verifiable liquidity channel. If they remain in private wallets, it is closer to viewing it as a rare on-chain record.

Bitcoin traded around $79,850 after topping $81,000. After rising quickly recently, upward momentum has slowed somewhat, but it is holding above key moving averages including the 20-day moving average of $75,116 and the 200-day moving average of $72,637. Medium-term moving averages are also formed between $69,000 and $70,000.

Technical indicators still pointed to a bullish trend. The daily relative strength index was 66.9, below the overbought zone, but the $81,000 to $82,000 range remains a short-term resistance line where recent attempts to rise have been blocked several times.