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After A Decade, Satoshi-Era Bitcoin Wallet Is Reactivated

A Satoshi-era Bitcoin holder has activated his wallet for the first time since 2011. The token holder received $8,425 in 2011, which grew to $23.7 million throughout the decade.

Bitcoin is currently trading about $47,500, having fallen from a high of $69,500. Despite the large earnings, the token holder is unlikely to sell the coins after keeping them for 10.5 years.

Last May, a token holder transferred $500k in BTC from a wallet. The funds were deposited into a wallet created in February 2009, almost two months after the genesis block was mined.

The news instantly fueled rumours that Satoshi had begun cashing out on the BTC stack. Several blockchain experts, however, have refuted the hypothesis.

Another recent event was reported by U.Today, who stated that in November, a dormant BTC whale activated their wallet with $150 million dollars. Furthermore, the National Bureau of Economic Research recently published research revealing that the top 0.01 percent of BTC addresses control nearly one-third of the total Bitcoin supply.

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Even when the amount of BTC stack stored in crypto exchanges is taken into consideration, BTC ownership remains centralised due to its early adopters. This is not to say that every early BTC adopter became a whale. Martti Malmi, better known as Sirius, lamented the loss of wealth.

Martti was Satoshi’s initial partner, and he admitted to selling a large amount of Bitcoin early on. The most recent development demonstrates Bitcoin’s market supremacy, as even slight fluctuations in the coin’s price can affect the entire market.