According to data provided by Onchain Lens, a Satoshi-era wallet containing a total of 4,000 BTC ($440 million) recently woke up from hibernation after more than 14 years of inactivity.
The whale has been selling Bitcoin for a long time via another wallet, which has already received more than 4,000 coins.
The wallet is considered to be "Satoshi-era" since it dates back to the earliest period that spans the first two years of the cryptocurrency's existence (from January 2009 to December 2011). Back then, the mysterious Bitcoin creator was still active on forums before disappearing for well over a decade.
However, the term does not mean that the coins are somehow related to the fabled Bitcoin creator.
As reported by U.Today, the fortune of Satoshi, who some believe might no longer be alive, recently nose-dived by $20 billion following the most recent market crash.
Bitcoin OGs selling en masse
Recent sales by OG whales have put significant pressure on the price of Bitcoin, which is struggling to remain above the $110,000 mark.
Analyst James Check recently noted that the sales could be the source of resistance at the moment.
Bitcoin is currently trading at $111,260, according to CoinGecko data.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team