So-called “Satoshi era” bitcoin mined in the early days of the bitcoin network has moved after 15 years, drawing market attention.

Julio Moreno of on-chain data analytics firm CryptoQuant, cited by blockchain outlet BeInCrypto on Jan. 11 local time, said an early bitcoin miner recently emerged from dormancy and moved a total of 2,000 BTC. The amount is worth about $181 million at current prices. Moreno described the move as “the most significant Satoshi era whale activity since late 2024.”

Moreno drew particular attention to the timing of the transaction. He said Satoshi-era miners have previously shown a tendency to move bitcoin at major market turning points.

Sani, founder of Timechain Index, confirmed the source of the funds was block rewards mined in 2010. At the time, the bitcoin network paid early miners a subsidy of 50 BTC per block, and the coins moved this time were analysed as stemming from those early rewards.

The bitcoin was stored for about 15 years across 40 Pay-to-Public-Key (P2PK) addresses, and the addresses were later consolidated and transferred to centralised exchange Coinbase, data showed. The market generally interprets transfers to centralised exchanges as a precursor to open-market selling.

Some analysis also suggests the transaction is not a one-off event but part of a trend of rising supply of so-called “vintage” bitcoin entering the market. Over the past year, wallets created in 2009 and 2011 have gradually been reactivated, with early holders continuing moves to realise profits or reorganise long-term custody structures.

Galaxy Digital in July 2025 helped a Satoshi-era investor sell more than $9 billion worth of bitcoin, completing what it said was the largest crypto sale in history.

Even so, the market reaction was relatively stable. Bitcoin absorbed the large supply shock without a breakdown in market structure, demonstrating resilience. The move was assessed as suggesting that, even as early bitcoin adopters cash out long-accumulated assets, market liquidity has matured enough to withstand their exit.

Long-term institutional investors’ outlook remains optimistic. Asset manager VanEck said in a recent report that bitcoin’s theoretical value could reach $2.9 million per coin by 2050. VanEck cited the possibility of bitcoin being adopted as a global payment currency. Researchers Matthew Sigel and Patrick Bush argued that under a hyperbitcoinisation scenario in which bitcoin accounts for 20 percent of international trade and 10 percent of gross domestic product, the value per coin could surge to as much as $53.4 million.