[DigitalToday reporter Kim Ye-seul] A large investor active in bitcoin’s early “Satoshi era” has returned after a 14-year absence.

On March 21, blockchain media outlet Cointelegraph reported that bitcoin worth about $200 million moved from a wallet holding 2,100 BTC.

Blockchain data showed BTC worth $47 was sent from the wallet address “1NB3Z…QB6ZX” to a new address that day. The wallet bought 2,100 BTC in July 2012 at $6.50 per bitcoin, investing a total of $13,685, and is now posting a return of more than 11,000-fold.

It is unclear whether the moved bitcoin will be sold immediately, but the market is closely watching activity from Satoshi-era wallets. Matt Hougan (매트 호건), chief investment officer at Bitwise, analysed that sales from Satoshi-era wallets affected a recent decline in bitcoin prices. During a sharp market drop on Oct. 10 last year, leveraged positions worth $19.0 billion were liquidated and bitcoin fell to $102,000 from $120,000. He said Satoshi-era investors are capping gains through large-scale selling.

There was a similar case in July 2025. Some 80,000 BTC worth $460 million moved to Galaxy Digital. A pattern of large funds being transferred to market makers and liquidity providers often appears when whales prepare to sell. The outlet said investors are focused on how this wallet reactivation will affect the market.

Recently, bitcoin and stock markets have weakened in tandem, prompting investors to seek safety. As the U.S.-Israel-Iran war entered its fourth week, not only bitcoin but also the S&P 500, the Nasdaq and gold fell sharply. Market participants are raising the possibility that the war could follow a similar trajectory to the 2022 Russia-Ukraine war. At that time, bitcoin rebounded 24 percent after the war broke out, but later fell an additional 64 percent.