New theory: Satoshi Nakamoto selling Bitcoin since 2019
Bitcoin research firm unveils theory of Satoshi Nakamoto cashing out strategically
A fresh theory from Bitcoin research firm BTCparser posits that the enigmatic Bitcoin creator, Satoshi Nakamoto, may not have vanished but has instead been strategically cashing out from early Bitcoin wallets created in 2010.
These wallets, holding 50 BTC each, remained dormant for nearly a decade before their first movements in November 2019, sparking speculation about the identity and intentions of the so-called “2010 megawhale”, reports Cointelegraph.
A Theory, Not a Conclusion
BTCparser’s Nov. 19 analysis suggests that Satoshi may have deliberately avoided accessing their original 2009 wallets, likely containing the bulk of their holdings, to maintain anonymity and avoid attention. Instead, the theorized strategy involves using 2010 wallets as a more discreet method of liquidation.
“If Satoshi has access to a treasure trove of 2010-minted coins, there’s no need to touch the original 2009 wallets. Using these later coins avoids drawing attention to the original stash, preserving anonymity and reducing the risk of revealing Satoshi’s identity,” BTCparser explained.
BTCparser emphasizes that this remains a theory, not a definitive conclusion, but the pattern of behavior points to meticulous planning designed to ensure privacy.
Cashing Out Strategically
The funds from the 2010 wallets were pooled into a single P2SH (Pay-to-Script-Hash) address, often used for escrows, before being distributed to multiple bech32 addresses, which offer lower transaction fees and efficient block space usage.
BTCparser outlined four notable sales tied to these wallets:
November 2019: $5 million worth of Bitcoin sold.March 2020: $6–8 million worth of Bitcoin liquidated.October 2020: $11–13 million worth of Bitcoin sold.November 15, 2024: $176 million worth of Bitcoin liquidated.The increasing sales volumes appear to align with Bitcoin’s rising value, suggesting a strategy designed to maximize returns while minimizing market impact and visibility.
BTCparser hinted that Coinbase, the exchange where these coins were deposited, might hold more information about the individual or entity behind these transactions. However, if intermediaries were used, the true identity of the seller might remain hidden.
Implications and Open Questions
If true, this theory adds a new dimension to the Satoshi mystery. It paints a picture of a creator who is not only alive but also actively managing their holdings with a level of sophistication that preserves their anonymity while capitalizing on Bitcoin’s growing value. The absence of activity from the 2009 wallets further reinforces the theory of deliberate planning to avoid drawing attention to their original stash.
The identity of the 2010 megawhale remains unknown, and the theory raises more questions than it answers: Is Satoshi still alive? If so, what are their motivations? Could these sales be funding new projects or personal endeavors?
For now, the “2010 megawhale” continues to fuel intrigue, adding another layer to the enduring mystery of Satoshi Nakamoto.
Recently we wrote, that over the past week (November 16-23), Bitcoin’s dominance in the cryptocurrency market dropped by 3.7%.
