Satoshi-Era Bitcoin Wallets Spring Back to Life

Bitcoin has seen a slight pullback following the unexpected movement of coins from eight specific wallets. Bitcoin is moved constantly, so what makes these eight wallets so significant? The last time any of them showed any activity was 14 years ago during the so-called ‘Satoshi Era’ back in 2011.

Combined, these wallets shifted a total of $8.4 billion worth of Bitcoin. Importantly, the coins have not been sold or moved to an exchange, they have simply been transferred to other wallets. Naturally, this has triggered a frenzy of speculation, with some wondering if it could be Satoshi Nakamoto himself, Ross Ulbricht (creator of Silk Road), or early Bitcoin investor Roger Ver.

The timing has not helped the price action. Bitcoin was already seeing a mild pullback and this event saw the Fear and Greed Index drop eight points to 67, slipping from the edge of ‘Extreme Greed’. Altcoins felt the chill too, with the total altcoin market losing 2.35% over the last 24 hours.

This pullback is not especially concerning as the broader bullish momentum remains intact. However, with the 4th of July holiday and a long weekend in the US, anything is possible. Historically, this holiday period and July in general tend to bring lower volatility for the S&P 500. In fact, July is typically its least volatile month for the index. Bitcoin does not follow the index in any consistent way though, showing mixed volatility in past years around this holiday, so the S&P’s direction will likely have little impact on BTC in the near term.

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