A Bitcoin wallet untouched since 2010 just sprang to life. That Satoshi-era wallet moved 2,000 BTC—now worth $180 million—to Coinbase. That comes as nearly $4 billion in Bitcoin and Ethereum options near expiry, raising concerns about market turbulence.
On November 15, Lookonchain reported the transfer of 2,000 BTC from a dormant wallet. These coins were mined in 2010 when Bitcoin traded at under $0.10. Today, each coin is worth over $90,000, marking a 900,000x return.
Movements of dormant wallets from BTC’s early days are rare. When they happen, they draw significant attention. Earlier this year, a wallet from 2009 moved 250 BTC, and in May, another dormant wallet shifted 1,000 BTC after 11 years. Such events often raise questions about selling pressure or hidden motives.
$4 Billion in Options Expiry Looms on Bitcoin
The Bitcoin options market shows a maximum pain price of $79,500. It is the level where most contracts will expire worthless. For Ethereum, the maximum pain price stands at $3,000.
The put-to-call ratio for Bitcoin is 0.85, signaling bullish sentiment. Ethereum’s ratio is slightly higher at 0.92, reflecting cautious optimism.
Still, the market remains resilient. When writing, Bitcoin is trading above $91,000, pushing its market cap to $1.82 trillion. Institutional interest is growing, with more investment advisors increasing Bitcoin allocations.
A Bullish Long-Term Outlook
Despite short-term risks, BTC’s long-term story remains compelling. Early holders moving coins remind us how far Bitcoin has come—from its humble 2010 beginnings to its status as a trillion-dollar asset.
While traders brace for short-term swings, the momentum suggests bigger moves ahead. As institutional adoption rises and Bitcoin ETFs gain traction, the $100,000 milestone looks increasingly achievable.