As bitcoin surged, the value of bitcoin believed to be held by Satoshi Nakamoto rose by $15 billion in a short period, to an estimated $20.8 trillion won.

On Aug. 26, blockchain media outlet U.Today reported that bitcoin extended a recent rebound, rising from a low of $62,679 on Aug. 17 to as high as $81,265 on Aug. 24.

Satoshi Nakamoto is believed to have mined a substantial amount in bitcoin’s early days. About 22,000 Satoshi-linked addresses tracked by blockchain analytics firm Arkham Intelligence hold a total of 1,096,000 BTC.

The actual holdings have not been confirmed. At a bitcoin price of $78,280, the value of those addresses was tallied at $85.82 billion, or about 11.87 trillion won. That was up by about $15 billion from roughly $71.0 billion, or about 9.8 trillion won, before the surge. On the previous day, when bitcoin rose above $81,000, the valuation jumped to $87.0 billion, or about 12.03 trillion won.

The holdings are reported to have never moved since being mined. That has made Satoshi a candidate for the world’s largest bitcoin holder as a single entity.

Market attention was not focused only on the price surge. In recent weeks, long-dormant wallets created around the time when Satoshi was last active in the community have started moving again.

Most recently, 40 BTC that was first received on May 28, 2012 and untouched for 14.2 years was moved. Analytics firm Galaxy Research noted the wallet had been dormant for more than 14 years and said the transfer occurred in block 964127. The recipient was identified as German cryptocurrency custody service provider Boerse Stuttgart Digital, while the sender was not identified in the database.

The 40 BTC was worth only around $200 at the time of acquisition, based on $5 per coin, or about 276,000 won. At the time of the transfer, it had grown to about $3.14 million, or about 4.34 billion won. Galaxy Research estimated realised profit at $3.16 million, or about 4.37 billion won, and calculated the return at 1,535,911 percent.

Movement of long-dormant holdings cannot be assumed to immediately lead to increased selling. Still, the fact that some early holdings moved as bitcoin rose sharply remains a variable the market will need to watch. With the value of large holdings that do not move, such as the estimated Satoshi stash, rising rapidly, transfers from long-sleeping wallets are likely to keep drawing attention along with price moves.

Awakened — dormant 14+ years 40.00 BTC ($3.14M) untouched since first received 2012-05-28 (14.2y ago) — just moved in block 964127 Address: 1MZX6ExdDzWefGbD6Dc4bShdBRoNA3ijLF Sender Attribution: none in our DB Recipient Attribution: Boerse Stuttgart Digital Realized PnL:…