Satoshi-Era Miner Transfers Millions in Bitcoin After 15 Years of Dormancy

A Bitcoin miner from the early days of the network has recently awakened from a long period of inactivity to transfer 2,000 BTC, a strategic move that equates to around $181 million. According to CryptoQuant's Julio Moreno, this marks the most notable activity from a "Satoshi-era" whale since late 2024.

Key Takeaways

A Bitcoin miner from the early network era has transferred 2,000 BTC after 15 years, worth about $181 million.
Such transfers may signal market shifts as early adopters make moves to secure profits.
The recent trend shows that vintage Bitcoin wallets are becoming active again, indicating a changing landscape among first-generation miners.
Despite selling pressures, institutional outlooks for Bitcoin remain positive, with forecasts predicting significant future growth.

Bitcoin Experiences $181 Million Satoshi-Era Sell Signal

Moreno emphasized the significance of the timing of this transaction, noting that “Satoshi-era miners often move their Bitcoin at critical market inflection points.”

To provide further technical insight, Sani, the founder of TimechainIndex, confirmed that these funds were sourced from block rewards mined in 2010. At that time, the blockchain network rewarded early miners with subsidies of 50 BTC per block.

The coins in question had remained untouched for over 15 years, held across 40 legacy Pay-to-Public-Key (P2PK) addresses, and have since been consolidated and transferred to Coinbase.

Market analysts often view transfers to centralized exchanges as a sign that a sale in the open market is imminent.

Importantly, this transaction is not just an isolated event; it reflects a broader trend of “vintage” supply being introduced to the market. Over the past year, wallets from the 2009–2011 period have increasingly been reactivated throughout the Bitcoin network. This activity indicates that early holders are either cashing in on their gains or updating their long-held custody arrangements.

For perspective, Galaxy Digital facilitated one of the largest crypto sales ever by helping a Satoshi-era investor sell more than $9 billion in July 2025.

Despite the selling pressure from these legacy holders, the market has shown impressive resilience. Bitcoin has effectively absorbed these significant "OG" supply shocks without any major disruptions in market structure.

This suggests that, although Bitcoin's early adopters are increasingly locking in their generational wealth, the market still has enough liquidity to manage these exits smoothly.

In contrast to the immediate pressure from legacy sellers, long-term forecasts from institutions remain optimistic. A report released last week by asset management firm VanEck projected that Bitcoin could attain a theoretical valuation of $2.9 million per coin by 2050, based on its potential adoption as a global currency for settlements.