Satoshi's Stash: New Research Raises Questions About Bitcoin's Mysterious Founder

Recent on-chain activity has reignited speculation about Satoshi's stash of Bitcoin. A transfer of approximately 600 BTC, mined in March 2010 and dormant for over 16 years, was moved on September 5th. However, research by Bitquery found that this transfer did not match the distinctive mining pattern attributed to 'Patoshi', a name associated with Satoshi.

The blockchain records transactions, but it cannot confirm who controls the private keys at any given moment. While the coins were spent using modern wallet software, which suggests they were loaded into a newer system in 2026, it is unclear whether this controller is the original miner or a later party.

Bitquery's analysis highlights the limitations of circumstantial evidence and estimates that the total 'Satoshi' stash can vary significantly depending on how strictly the pattern criteria are applied. The estimate ranges from around 0.9 million to 1.17 million BTC, with published figures between 1.0 million and 1.13 million falling within this range.