Holdings supposedly belonging to Bitcoin creator Satoshi Nakamoto lost almost $5 billion in value.
Summary
- Satoshi’s Bitcoin holdings fell by almost $5 billion in a single day
- The Bitcoin founder hasn’t moved a single satoshi in 15 years
The crypto market correction has wiped billions in market value, and is affecting even its biggest holder. On Thursday, October 30, Bitcoin holdings reportedly belonging to Satoshi Nakamoto have lost nearly $5 billion in value.
While the Bitcoin (BTC) founder did not move any funds from the thousands of wallets supposedly under his control, their price was still affected. Holdings in these wallets saw their fiat value fall to $117 billion, according to data from Arkam Intelligence.
Satoshi Nakamoto is believed to control roughly 1.1 million BTC, spread out across thousands of wallets. These wallets remained untouched for over a decade. During Bitcoin’s recent highs, they were worth over $122 billion.
Satoshi is still the largest Bitcoin holder by far
Old Bitcoin wallets are a key factor in Bitcoin’s price and scarcity. Current estimates suggest that between 3 and 4 million BTC are permanently lost due to owners losing access to their wallets. This accounts for roughly 14% to 19% of the total 21 million supply.
Among these lost coins, Satoshi’s holdings are by far the biggest. Despite this week’s price drop, Satoshi remains the largest of largest individual holder of BTC by far. His holdings represent more than 5% of Bitcoin’s current supply. The second largest holder is Michael Saylor’s Strategy, with 640,808 BTC, accounting for about 3% of the BTC supply.
What is more, on-chain data suggests that he never sold or transferred the coin in the past 15 years, before going dark. If Satoshi ever came back and started selling his BTC, the effect on Bitcoin’s price would be immediate and significant.
