Ancient Bitcoin Wallets Reactivate After 16 Years, Sparking Nakamoto Speculation

A cluster of old Bitcoin wallets has shown activity after over 16 years of dormancy. The move, which amounts to 600 BTC valued at around $48 million, has sparked speculation about a potential link to Satoshi Nakamoto.

According to on-chain analysis by Whale Alert and Cointelegraph, the funds moved in March 2010, during a time when Nakamoto was still involved with Bitcoin's early development. However, research by Whale Alert suggests that there is no evidence linking the transactions to Nakamoto.

The movement originated from block rewards earned across 12 distinct Bitcoin blocks mined in March 2010. The block reward at that time was 50 BTC per block. Since then, the subsidy has been reduced repeatedly through halvings.