2010 Bitcoin Wallet Moves $3.35M as Price Rebounds

• One 14-year dormant wallet transferring 50 BTC amidst Bitcoin (BTC)'s price rebound.
• Miner reserves declining as an early adopter moves holdings.

On May 12, 2024, Lookonchain reported that a dormant BTC wallet from 2010 moved $3.35 million (50 BTC) after 14 years of inactivity. These coins, mined during BTC’s early "Satoshi era," were originally earned as 50 BTC block rewards when BTC was worth less than a few cents. The holder transferred the 50 BTC to a Coinbase Prime address.

The sudden movement of this long-dormant wallet attracted significant market attention. BTC enthusiasts classify these assets as Satoshi-era coins due to their pre-adoption origins. This event highlights the unique behavior of early BTC adopters. These individuals held their assets through years of extreme market volatility and substantial price appreciation.

Meanwhile, the timing coincides with BTC trading at around $67,000, following a rebound. Analysts interpret the reactivation as a strategy to take profits. Enhancing security is a common practice among long-term holders. Furthermore, the transfer to a Coinbase Prime address suggests active, deliberate management of these early holdings.

This event adds to a broader trend of increasing dormant BTC wallet activity. At the same time, miner reserves recently declined to 1.8 million BTC, which reflects shifts in long-term asset storage strategies. Moving 50 BTC is not substantial enough to affect market prices. However, the move aligns with larger profit-taking trends.