Sleeping Coins Represent 9.5% of Bitcoin Supply
Bitcoins mined in 2010 were moved for the first time last Sunday, the movement leaves a lot of people curious, since coins mined so long ago refer to the first users of the network, including Satoshi, the creator of Bitcoin. The money that was stopped more than a decade ago is now worth US$ 27 million.
With Bitcoin Legacy increasing in value in recent years, in addition to its excellent performance in 2020, some addresses that kept the currency for years began to move their values. Some simply because they were waiting for the right time, others because they were lucky enough to find the currencies that were lost.
On the last 27th, someone moved the rewards of 20 blocks originally mined in 2020. In addition to moving the wallet for the first time since they were mined, the coins were sold.
Hashes of the transactions made with the Bitcoins stopped a decade ago.
All the block rewards that were spent during this Sunday were received between August and October 2010. Among the rewards were 1,000 Bitcoin valued at just over $ 143 million.
Besides the Bitcoin there were also 1,000 BCH, which were received during the currency fork. This amount was also moved by the owner of the portfolio, only the reward in Bitcoin SV that remained in the address.
On the same day (27), we had a second movement in block 663,241, with mining rewards being spent. In total, during the day, the reward of 21 blocks were moved.
Coins of Satoshi?
Whenever such old coins are moved many begin to question whether Satoshi Nakamoto is involved. Although it is not certain, there is an estimate that Satoshi has about 1 million bitcoins (just over US$ 27 billion), this is such a large amount that many believe that the movement in early 2020 (which was attributed to Satoshi by some before it was unveiled) generated fear in the market and caused the fall of April.
This time, it seems, this is not a movement made by Satoshi, since it did not come from any address that is attributed to him. The Not Satoshi Bag website registered this transaction as not being from BTC’s creator.
Sleeping Coins account for 9.5% of Bitcoin supply
The ancient coins often called „Sleeping Coins“ or „Satoshi Era Coins“, represent a considerable amount of the already mined Bitcoin supply. It is believed that there are more than one million sleeping coins, as pointed out by Glassnodes.
„1.78 million Bitcoins have never been moved from the miners‘ portfolios. This represents 9.5% of the outstanding Bitcoin supply. Our analysis shows that 98% of these coins were mined more than 7 years ago and 94% more than 10 years ago. Many may be lost forever“.
Being a finite asset, these 9.5% of the supply in circulation stopped (and possibly lost) can help even more in the lack of supply during the increase in demand and make the price of the asset rise.