A miner from the “Satoshi era” has recently transferred 2,000 Bitcoin, as revealed by Julio Moreno, the research director at CryptoQuant, a cryptocurrency analytics company.
Moreno pointed out that this marks the first notable action from this group of early Bitcoin holders since November 2024.
“Historically speaking, miners from the Satoshi era tend to move their Bitcoin during pivotal moments,” Moreno stated.
Understanding Netflows
The phrase “Satoshi-era” generally refers to individuals who mined their coins while Satoshi Nakamoto—the mysterious founder of Bitcoin—was still engaged in public discussions.
A miner from the Satoshi era moved 2K Bitcoin today; it’s the first occurrence since November 2024 when Bitcoin was around $91K.
Historically, these miners tend to transfer their holdings at critical turning points. pic.twitter.com/cUKIM5uXL6
— Julio Moreno (@jjcmoreno) January 10, 2026
During that time period, these coins were mined using basic CPUs and had minimal value.
The majority of coins from this timeframe are often deemed “lost” or “frozen.” Therefore, any sudden movements by such large holders garner significant attention on social media platforms.
The chart shared by Moreno illustrates the netflow of coins belonging to Satoshi-era miners. This metric tracks how many coins are entering versus leaving miner wallets.
This chart indicates that each red spike corresponds with instances where these early miners either sold off or transferred substantial amounts of Bitcoin.
An observable trend emerges: these original whales typically sell during market rallies. For example, there was a notable surge in selling when Bitcoin crossed $40,000 and approached $60,000 back in 2021. Additionally, another major spike occurred in late 2024 when prices reached $91K.
The Importance of Whale Movements
Retail investors often operate under the assumption that whales (particularly those from the Satoshi era) possess insights they lack. Furthermore, it’s clear that whales with such large reserves wield considerable power over market dynamics.
For instance last month alone saw approximately $183 million worth of vintage Bitcoins being moved within just three days.