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Six hundred Bitcoin moved last weekend. Just like that, after sitting completely untouched for more than 16 years, coins mined back in March 2010 suddenly shifted — and the crypto world noticed fast.
Whale Alert, the blockchain transaction tracking platform, caught the movement and put the value at roughly $48 million at the time of transfer. The platform was also quick to say what a lot of people were already thinking: no, it’s not Satoshi. Whale Alert confirmed it found no connection whatsoever to Satoshi Nakamoto, Bitcoin’s pseudonymous creator, after reviewing the origins of these coins. That’s a big deal, because any hint of Nakamoto involvement would’ve sent markets into a frenzy.
Not Satoshi. Not even close, per Whale Alert’s research.
Where These Coins Actually Came From
Whale Alert dug into the details. The 600 BTC came from 12 separate mining rewards, each tied to a different block mined in March 2010. Back then, the block reward was 50 BTC per block — that’s how each of these wallets ended up with exactly 50 coins each. The platform had already reviewed seven of those 12 rewards in a prior analysis and concluded they weren’t linked to Nakamoto. The latest findings extended that same conclusion to all 12.
Whale Alert shared its findings on X, the social media platform, noting that the research might help quiet speculation about Nakamoto’s involvement with these specific coins. A spokesperson for the platform said the findings could dispel that particular theory.
Lookonchain, a separate on-chain analytics service, actually got there first. Lookonchain spotted seven miner wallets that moved 350 BTC after 16.5 years of inactivity. Those seven wallets, per Lookonchain’s data, earned their rewards through mining in March 2010 — a period when Nakamoto was still actively working on Bitcoin.
That timing matters. Nakamoto’s last known communication came in April 2011. So March 2010 sits squarely inside the window when Bitcoin’s creator was still around, still posting, still involved. That’s part of why people got excited. It’s probably the main reason.
One Address, One Very Specific Date
Blockchain.com confirmed one specific transaction that’s drawn a lot of attention. A single address received its 50 BTC mining reward on March 5, 2010. That same address then moved the coins to a new wallet on September 5, 2026 — more than 16 years later, basically to the day. Precise. Deliberate. Odd.
Whale Alert flagged something else too. One of the 12 rewards moved before the rest. The platform thinks it was probably a test transaction — the owner sending a small amount first to make sure everything worked before moving the remaining coins. That’s a pretty standard practice for anyone handling large crypto transfers, but it suggests whoever did this knew what they were doing. Not a rookie move.
The early-2010 era was a different world for Bitcoin. Mining was done by individuals, mostly hobbyists and cypherpunks, not the industrial-scale operations that dominate today. Competition was low. Block rewards were high relative to any real-world value. A lot of those early miners probably forgot about their coins, lost their keys, or simply never expected Bitcoin to become what it did. Some of those wallets have sat silent for over a decade and a half as a result.
That’s what makes any movement from that era feel significant. It’s rare. It’s almost always news.
Still No Answers on Who Did This
The identity behind these wallets? Unknown. Completely. Blockchain analysts are watching the addresses for any follow-up activity, but so far there’s been nothing more. No further transfers, no public claim of ownership, no explanation.
Whale Alert has been consistent: their research shows no ties to Nakamoto, full stop. The platform hasn’t walked that back or added any caveats. Without a direct link to Bitcoin’s creator, the movement is more of a mystery than a market-moving revelation — though it’s clearly captured attention across the blockchain analytics community.
It’s worth noting that Lookonchain’s initial identification covered 350 BTC across seven wallets. The total eventually reached 600 BTC across 12 blocks. That gap — the additional five wallets and 250 BTC — came into the picture as Whale Alert expanded its review. The numbers kept growing as more addresses were identified.
Analysts are still watching. No further disclosures have come from whoever controls these wallets, and the motivations behind the transfers remain unclear. The coins moved. The owner stayed silent. And 600 Bitcoin from the earliest days of the network are now sitting somewhere new, with no name attached.
Frequently Asked Questions
How much Bitcoin was moved from dormant addresses in September 2026?
A total of 600 Bitcoin, valued at approximately $48 million at the time of transfer, was moved after sitting dormant for more than 16 years.
Did Whale Alert find any connection to Satoshi Nakamoto?
No. Whale Alert reviewed all 12 mining rewards involved and confirmed no connection to Satoshi Nakamoto based on their research, sharing the findings on X.
Why It Matters
The movement of 600 Bitcoin after such a lengthy period of inactivity highlights the ongoing interest in dormant wallets and the potential implications for market supply. While the coins are not linked to the elusive Satoshi Nakamoto, their transfer could provoke speculation and volatility in the market, as large movements often influence investor sentiment. Additionally, this event underscores the lasting impact of early Bitcoin mining and the evolving dynamics of long-term holders in the crypto ecosystem.
