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A Satoshi-era Bitcoin whale holding approximately $442 million worth of Bitcoin has moved a portion of its funds for the first time in 14 years, according to onchain tracking data. The dormant wallet, dating back to the earliest mining days of Bitcoin in 2009, became active on Thursday, transferring 150 BTC valued at more than $16 million in a single transaction.
The wallet is believed to have mined roughly 4,000 BTC between April and June 2009, only months after the Bitcoin network’s launch, according to blockchain analytics firm Whale Alert. At the time, Bitcoin had no established market price and was largely circulated among developers and early adopters.
Blockchain data from Nansen and Mempool Space indicates that the Satoshi-era Bitcoin whale last showed activity in June 2011, when it consolidated 4,000 BTC into a single address.
Based on Bitcoin’s current price of around $110,604, the whale’s entire stash would now be worth over $442 million which is a staggering increase from the mere $194 valuation in mid-2010 when CoinMarketCap began tracking the asset.
It’s always fascinating when a Satoshi-era Bitcoin whale resurfaces,” Philip Gradwell, Chief Economist, Chainalysis, in a statement. These movements remind us how much of Bitcoin’s supply remains in long-term, inaccessible, or forgotten wallets.”
Onchain investigators continue to examine whether the Satoshi-era Bitcoin whale was a single early miner or part of a small cluster of wallets that collectively mined thousands of coins in the network’s infancy.
Blockchain researcher Emmett Gallic shared analysis on X (formerly Twitter), claiming that the whale once held over 8,000 BTC across multiple addresses. According to Gallic, the holder “has been steadily selling for years,” reducing its balance to 3,850 BTC following the latest 150 BTC transfer.
A whale that once held 8,000 BTC activated a new wallet from the Satoshi era, Emmett Gallic, blockchain analyst, via X. He has been steadily selling now down to 3,850 BTC after moving 150 BTC today. God-level DCA strategy.
The Satoshi-era Bitcoin whale’s latest movements align with a trend of early wallets reawakening amid the 2025 bull market. Data from Mempool Space confirms the address has received a total of 7,850 BTC since inception, with current holdings now reflecting 3,850 BTC after the recent transaction.
The reactivation follows a similar event in July, when another Satoshi-era Bitcoin whale which is this one holding 80,201 BTC moved its long-dormant holdings to Galaxy Digital, marking its first transfer in over 14 years.
According to crypto analyst Willy Woo, whales with more than 10,000 BTC have been gradually selling their holdings since 2017, suggesting that early adopters are redistributing their wealth as institutional demand rises.
Large holders from the Satoshi era are taking advantage of market liquidity and institutional entry, Willy Woo, independent analyst, responding on X. It’s not necessarily bearish; it’s part of market maturation.
These awakenings often spark speculation that early Bitcoiners may be preparing to sell. However, experts note that new investor inflows typically absorb these sales, reducing volatility and strengthening long-term market depth.
While some traders interpret old wallets moving as a bearish indicator, many analysts argue that the trend instead reflects greater liquidity and improved confidence among holders.
As Bitcoin adoption expands among funds, corporations, and governments, the influence of a single Satoshi-era Bitcoin whale on price dynamics has diminished compared to the early years.
A report by Glassnode earlier this year estimated that wallets inactive for over a decade still hold about 1.8 million BTC, suggesting a substantial portion of Bitcoin’s total supply remains untouched. Many of these wallets belong to early miners or possibly to Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
For investors and historians alike, each movement from a Satoshi-era Bitcoin whale offers a glimpse into the network’s origins and underscores how early digital gold pioneers are beginning to re-engage with a far more institutionalized landscape.
As blockchain transparency continues to improve, analysts believe future awakenings could provide valuable data on Bitcoin’s distribution, ownership concentration, and market psychology reminding the world that some of crypto’s oldest fortunes are still quietly waiting beneath the blockchain’s surface.
