A long-dormant Bitcoin wallet has resurfaced after more than a decade of inactivity, sparking speculation in the crypto community.
Data shows that the wallet, which was first active in July 2011, moved 0.25 BTC worth approximately $28,000 on September 4.
The wallet, is a Satoshi-era whale, contains Bitcoin bought when Bitcoin creator Satoshi Nakamoto was active in the community themselves. However, about 14 years ago, Nakamoto vanished from public view.
Despite the small transfer, the address still holds a massive 479.44 BTC, worth approximately $53.56 million at current prices.
When a long-dormant Bitcoin wallet suddenly moves funds, it often sparks speculation about the motives behind the transfer. It could mean the owner has regained access to lost keys, is testing small transactions before moving larger amounts, or simply reorganizing holdings for security reasons. In some cases, these movements are seen as precursors to large sell-offs, especially if coins eventually land on exchanges.
Given the wallet still holds nearly $54 million worth of Bitcoin, any decision by the holder to sell could create pressure on the market. At the same time, it signifies the long-term conviction of early adopters who held their coins for over a decade, reinforcing Bitcoin's reputation as "digital gold" and a long-term store of value despite volatility.
Max Keiser, an analyst and an early Bitcoin investor, said this week that $100,000 has been the key level where whales start selling, indicating that Bitcoin is moving from being a store of value to a way to buy things.
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Keiser said that Bitcoin must first go through its store-of-value phase, unlike some people who want to go straight to everyday payments.
"This is where I differ from Jack Dorsey, who is anxious to skip the SoV phase and jump right into MoE," Keiser wrote on X. "It doesn't work that way."
Keiser started talking about Bitcoin when the asset was around $0.30. He has long believed that Bitcoin needs to first prove itself as a store of value, like digital gold, before it can work as a medium of exchange, or everyday money used for buying and selling.