7 Satoshi-Era Bitcoin (BTC) Miners Wake Up After 16.5 Years

After about 16.5 years of total inactivity, seven Bitcoin wallets from the Satoshi era have abruptly become active, moving a total of 350 BTC worth about $28 million. On-chain data indicates that 50 BTC were transferred by each wallet. Less than 15 months after the launch of the Bitcoin network in January 2009, the coins were created from mining rewards earned in March 2010. 

Unexpected surge of activity

The movement is especially strange given how old the coins are. At the time, Bitcoin's block reward was 50 BTC, so the seven wallets held rewards for each of the seven initial mining blocks. Each initial 50 BTC reward is now valued at nearly $4 million at current prices close to $79,850. The owners may not be selling based solely on the transfers.  

The transactions by themselves don't offer much proof of impending selling pressure unless the coins later arrive at an exchange or another recognizable liquidity venue. However, given that Bitcoin is currently trading close to $80,000 following a dramatic rebound, the timing merits consideration. 

According to the daily chart, Bitcoin is currently trading at about $79,850 after momentarily rising above $81,000. With the 20-day average close to $75,116, the 200-day average around $72,637, and longer intermediate averages between $69,000 and $70,000, the asset is still comfortably above its major moving averages. After the quick advance, momentum has somewhat subsided.