An early Bitcoin miner moved 2,000 BTC—worth just over $182 million—to Coinbase on Saturday, blockchain analytics firms say, reigniting attention on long-dormant “Satoshi-era” coins. On-chain traces show the stash was transferred in 40 chunks of 50 BTC each, with most of those addresses untouched for more than 15 years. “Most addresses in this cluster appear to have been funded by Coinbase with 50 BTC each 15 years ago in 2010,” a spokesperson for on-chain analytics platform Bubblemaps told Decrypt, and the “vast majority” of the funds ended up back on the centralized exchange. Why it matters: 50 BTC block rewards are a hallmark of Bitcoin’s earliest days—when miners were still receiving that full payout. At the time (July 2010), a single 50 BTC reward was worth only about $3.50; at current prices it is roughly $4.5 million. The movement of such long-dormant coins often spooks markets because it can presage large sell-offs or other liquidity events. Market watchers flagged the transfer. CryptoQuant head of research Julio Moreno noted on Twitter that this is the first Satoshi-era miner move of this size since November 2024, when Bitcoin traded near $91K, and added that “historically, Satoshi-era miners move their Bitcoin at key inflection points.” But exchange inflows don’t always mean outright liquidation. SynFutures CEO Rachel Lin told Decrypt that deposits to centralized exchanges can signal several possible intentions—profit-taking, posting collateral, or positioning ahead of volatility. “Not every whale move equals an imminent sell-off,” she said, noting early holders often use exchanges for hedging, OTC settlement, or structured trades. Still, she warned, such moves can increase short-term uncertainty, amplify volatility, and pressure overleveraged traders—especially in a market sensitive to macro factors and ETF flows. Technical details: The coins were spread across 40 P2PK (Pay-to-Public-Key) addresses—the original address format used in Bitcoin’s infancy. P2PK-era outputs are rare to see move after years of dormancy; last September a different whale shifted 479 BTC that had been idle for 12 years. Market reaction was muted as of early Monday. CoinGecko showed Bitcoin roughly flat over 24 hours at $91,164 and down about 1.7% on the week. On Myriad (the prediction market owned by Decrypt’s parent company Dastan), users were still favoring a bullish next move—placing a roughly 73% chance on Bitcoin hitting $100,000 over falling to $69,000. Takeaway: The relocation of Satoshi-era coins is a stark reminder that even decade-old holders can re-enter active markets—and when they do, their motives and the broader market response will determine whether this becomes a ripple or a wave. Read more AI-generated news on: undefined/news

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