Is Satoshi Nakamoto "Revived"? Dormant Bitcoin Whale Awakens After 10 Years, Releasing Over $60 Million, Causing Significant Price Drop

Bitcoin briefly fell below $61,000. Two dormant Bitcoin wallets, which hadn't been touched in over a decade, suddenly came back to life, each releasing 500 Bitcoins, totaling an astonishing $60 million in Bitcoin transfers.

According to a tweet from Lookonchain, the two wallets, dormant for 10.7 years, moved 1,000 Bitcoins within just 20 minutes over the weekend.

The wallets, identified by addresses starting with "16vRqA" and "1DUJuH," received 500 Bitcoins on September 13, 2013, when the price of Bitcoin was around $124.

Given that Bitcoin has since surged above $60,000, the two whales' holdings are now worth approximately $30.6 million, with a return on investment (ROI) of 49,179.8%.

Prior to this latest development, another 10-year dormant Bitcoin wallet moved 687.33 Bitcoins on May 6, valued at approximately $44 million.

Notably, the movement of such a large amount of Bitcoin has raised questions about the intentions of the wallet holders.

The market speculates whether these wallets belong to Bitcoin's creator Satoshi Nakamoto, early miners who forgot about their holdings, or individual investors committed to the long-term hold (HODL) strategy.

It's worth noting that the timing of these events coincides with the current volatility in Bitcoin.

Due to conflicting indicators, analysts are divided on its price trajectory.

While some expect it could surge to $70,000 or higher in the coming months, on-chain data suggests that long-term holders might be selling off their holdings.

CryptoQuant's chief analyst JA Martunn recently highlighted this phenomenon, noting that the Coin Days Destroyed metric indicates Bitcoin prices might have peaked.

This metric, which considers the historical volume and age of Bitcoin transactions, suggests that experienced market participants are offloading their holdings.

With volatility lower than that of Nvidia and Tesla, the market has previously warned that Bitcoin is prone to significant swings during capital movements. Currently, the market is not experiencing an upward swing as expected but rather a downward plunge.