Five Bitcoin miner wallets that have been inactive for over 15 years have suddenly started moving funds. These wallets, which received block rewards in 2009, weeks after Bitcoin’s blockchain was launched, collectively moved 250 Bitcoin (BTC).
According to blockchain data, one of the wallets received its block reward on Jan. 29, 2009. Three others received their rewards on Jan. 31, 2009, while the final wallet obtained its block reward on Feb. 2, 2009.
At that time, Bitcoin held little to no monetary value, but with the cryptocurrency trading at roughly $63,000 per token in 2024, these 250 BTC are now worth an estimated $15.9 million.
Speculations Around Satoshi Nakamoto and Hal Finney
The sudden activity in these miner wallets has sparked speculation within the cryptocurrency community. Some users on social media have questioned whether the wallets belong to Satoshi Nakamoto, the pseudonymous creator of Bitcoin, or possibly early Bitcoin adopter Hal Finney.
Finney, a prominent software developer, received the world’s first Bitcoin transaction, receiving 10 BTC from Nakamoto on Jan. 12, 2009. The Bitcoin blockchain launched on Jan. 3, 2009, when Nakamoto mined the genesis block, embedding a message referencing a headline from The Times newspaper in the United Kingdom.
Nakamoto outlined how Bitcoin worked six days later, explaining the basics of mining and transferring coins. By the end of January 2009, only a handful of individuals were involved in mining Bitcoin.
The value of BTC remained negligible for years after its launch, but in 2011, it reached $1 for the first time on the now-defunct crypto exchange Mt. Gox. Shortly after, Nakamoto stepped away from the crypto space, stating that he was moving on to other projects.
Bitcoin Surges Amid Central Bank Decisions
Currently, Bitcoin is experiencing a significant price increase, with the cryptocurrency now trading near its highest levels in a month. This price rise can be traced to key decisions made by central banks in both Japan and the United States, which have impacted investor sentiment toward BTC and other high-yield assets.
Following the Bank of Japan’s rate decision, BTC’s price gained almost 2.5%, trading at over $64,000. Investors viewed this decision as a signal that borrowing costs in Japan would remain low.
Low interest rates often encourage borrowing and allow investors to allocate funds toward riskier assets, such as Bitcoin, that offer potentially higher returns. Meanwhile, the US Federal Reserve cut its interest rates by 50 basis points.
This move also worked in BTC’s favor by making safer assets less attractive to investors. When interest rates fall, the returns on more conservative investments, such as government bonds, often decrease.
As a result, investors are looking for higher-yield investment options, and Bitcoin is a prime candidate for such an investment.
Bitcoin Futures Open Interest Hits Monthly High
Additionally, the rise in BTC’s price is closely linked to movements in its futures market. On Sept. 20, the open interest (OI) in Bitcoin futures reached approximately $34.39 billion, the highest level since late August.
Open interest refers to the total number of outstanding futures contracts that have not yet been settled. When open interest increases, it indicates that more capital is flowing into the market.
This often points to expectations of significant price movements as traders take positions in anticipation of further market action. At the same time, BTC’s funding rates in its futures market have also moved in a positive direction.
Funding rates reflect the cost of holding long or short positions in futures contracts. These rates had dipped into negative territory earlier in the month, but they have since turned positive, reaching around 0.189%.
More traders are betting that BTC’s price will continue to rise, further fueling the crypto asset’s upward momentum.
Bitcoin’s Price Tests Key Resistance
The technical analysis of BTC’s price movement suggests further gains could be on the horizon. BTC has been forming a bull flag pattern, a technical chart pattern that often indicates the continuation of an upward trend.
Moreover, the leading crypto asset recently bounced off the lower trendline of the flag and is now headed toward the upper trendline at around $65,500. If BTC breaks above this resistance level, its price could rise to $78,400, based on the height of the previous uptrend.
