Sleeping for years, more sats are waking up from years of sleep.
Bitcoin bought in 2011 came back to life on Thursday, when 139 Bitcoin belonged to the address 1H1Ab6 transferred to a new creation Segway address
The owner—who stopped for nearly twelve years–bought the coins in June 2011 for over $2,250 dollars, only to see it grow to a staggering $3.5 million in bitcoin. current price mark.
These coins belong to what is known as Old Supply, which refers to Bitcoin that was purchased at least 7 years ago, although some analysts use 5 years as their base date.
This year has seen a significant amount of movement from the old Bitcoin, with 3,200 BTC reviving—1,100 of them pre-2013, according to a report from Glassnode.
Inciting the curiosity of many, the market saw a truly ancient wallet—created in October 2010 when the price was an obscene $0.19 USD—sold for 429 Bitcoins in March of last year. A year later, in February 2023, another one Satoshi time address moved to 412 Bitcoin worth $9.6 million dollars after more than a decade.
It is difficult to say whether the convictions of the owners have changed and whether these movements are related to the sale of coins or simply personal custodial habits. Due to the pseudonymous nature of Bitcoin, we will never know who these ancient coins are or what they did with them—especially when thinking Satoshi’s repository, which is said to sit at 5% of the total supply.
Glassnode provides some insight, however. According to the on-chain analytics provider, dormant coins may no longer be traded after 155 days, although if they are traded, they may signal a change of conviction. A recent company newsletter shows that the amount of Bitcoin held for the long term increases by 100,000 BTC per month.
Despite yesterday’s move, and the occasional spending spree of satoshi, many consider most of Bitcoin’s ancient supply—4.25 million of it alone 356,000 has been spent—to be lost forever.