Satoshi Nakamoto's largest miner sold millions of dollars worth of Bitcoin
Satoshi Nakamoto-era large Bitcoin holder, often referred to as a "whale" in the cryptocurrency market, moved 2,650 BTC valued at approximately $203 million to over-the-counter trading desks such as FalconX and Cumberland, according to Zamin.uz.
This activity on the blockchain network could be a planned sale or liquidity provision by a miner who has been inactive for a long time, as reported by international publications.
According to data from the Arkham analytics platform, this early miner distributed the funds across three separate transactions. The first two transactions involved 1,000 BTC each, while the final transaction moved 650 BTC.
Onchain Lens analysts note that the associated address still holds 6,000 BTC worth around $462 million. While transfers to over-the-counter desks often suggest preparation for sale, this does not necessarily mean the assets have been fully liquidated.
Large holders typically prefer private trading desks over open exchanges to minimize market impact and access higher liquidity. The movement of these Satoshi-era coins is being interpreted by traders as an early investor realizing profits.
The transfer occurred as Bitcoin’s price has been trading in a stable range over the past month, around $77,347. According to some analytical data, this level is significantly below the estimated average production cost for Bitcoin miners, calculated at $93,175.
This suggests that new miners selling at current prices may be realizing their assets at a loss relative to their costs. However, for miners from the Satoshi era, who likely acquired these coins at negligible cost, any sale would still yield substantial profit.
Meanwhile, various analytical centers offer differing estimates of Bitcoin’s production cost. For example, some investment firms assess it at $57,706, while others cite average expenses around $74,600.
According to a CoinShares report, nearly 20% of Bitcoin miners, particularly those using outdated technology, may currently be in an economically difficult position.
