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A Bitcoin miner emerged from the early days of the network after a period of inactivity and transferred 2,000 Bitcoins, executing a strategic move to generate profits valued at approximately $181 million.
Julio Moreno of Cryptoquant noted that this represents the largest “whale activity of the Satoshi era” since the end of 2024.
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Bitcoin absorbs the $181 million sell signal from the Satoshi era
Moreno highlighted the timing of the transaction and noted that “Satoshi-era” Bitcoin miners tend to move their Bitcoin at key turning points.
Adding the technical context, Sunny, founder of Time Chain Index, stated that the money came from block rewards mined in 2010. It is worth noting that the blockchain network was awarded the first miners in that era with 50 Bitcoin as a block reward.
Coins have been minted for over 15 years in 40 old Pay-to-Public-Key (P2PK) addresses. It was then assembled and transferred to Coinbase.
Market analysts usually interpret transfers to central exchanges as a prelude to selling in the open market.
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On the other hand, this transaction is not an isolated anomaly, but rather confirms a growing pattern of “antiques” entering the market.
In the past year, wallets from the 2009-2011 era are increasingly being reactivated via the Bitcoin network. These activities reflect the movement of early coin holders to stabilize profits or upgrade long-standing custody agreements.
By comparison, Galaxy Digital executed one of the biggest crypto shorts in history by helping a Satoshi-era investor sell over $9 billion in July 2025.
The market has shown remarkable resilience in light of this selling pressure. Bitcoin absorbed these major shocks from the “OG” supply without collapsing the market structure.
This suggests that Bitcoin’s early adopters are trying to stabilize wealth between generations, while market liquidity remains deep enough to handle their exit.
Despite immediate selling pressure from long-term holders, the long-term institutional outlook remains optimistic.
Published in a report last week, asset management firm VanEck predicted that Bitcoin could reach a theoretical value of $2.9 million per coin by 2050. The company’s hypothesis is based on the potential for the asset to be adopted as a global settlement currency.
