Satoshi-Era Whale Moves Bitcoin Earning a Staggering 1,390,000% Profit

In recent developments, an untouched Bitcoin wallet has transferred its entire reserve of 909.38 BTC, valued at approximately $84.62 million, to a new wallet type, as disclosed by Lookonchain. This unusual activity raises several questions: who initiated this move, why did they do it, and what will happen next?

Key Takeaways

A Bitcoin wallet with no previous activity moved 909.38 BTC, totaling about $84.62 million.
The wallet received its first Bitcoin between 2011 and 2012, acquiring coins at prices below $7.
This Bitcoin stash has survived significant events, including the Mt. Gox collapse and various market crashes.
The new wallet is a modern, SegWit-compatible bech32 address, indicating the holder's technical savvy.
Current market conditions suggest the BTC could face pressure, with prices around $91,111, below recent highs.

Satoshi-Era Whale Who Bought Bitcoin Under $7 Goes Online With 1,390,000% Profit

Main Content

The noted Bitcoin address first received funds between 2011 and 2012 through MPEx and other now-defunct platforms, amassing its Bitcoin holdings while prices were below $7, prior to notable market events like halving, ordinal minting, ETFs, and stablecoin pairings.

Source: Arkham

This substantial Bitcoin reserve efficiently weathered significant historical hurdles such as the Mt. Gox incident, China's regulatory bans, the market peaks in 2013 and 2017, the chaotic drop during the pandemic in 2020, and even changes through two U.S. presidential elections. Remarkably, this entire stack just moved in a single transaction about four hours ago.

The new destination for this Bitcoin is a contemporary, SegWit-ready bech32 wallet—this choice is a clear indication that the original owner or their successor is knowledgeable about current best practices for digital asset management and security.

Although no deposits to an exchange have been reported yet, the timing of this move coincides with notable resistance levels in the Bitcoin market. At present, Bitcoin is trading at $91,111, significantly lower than its recent peak of $124,743. Technical analysis indicates the possibility of a 23/50-day moving average death cross, suggesting potential further declines in value to around $74,000 or even $69,000.

For early Bitcoin holders, particularly those with a zero cost basis, there may be limited reason to hold off on seeking liquidity, especially if market conditions shift negatively.

Ultimately, this transaction's implications are neither overtly bullish nor bearish at this stage—it signifies merely a reemergence of a significant cryptocurrency holder. What remains to be seen is whether this Bitcoin will enter public cryptocurrency exchanges or be redirected into wrapped tokens, mixers, or institutional custody through over-the-counter (OTC) deals.