Cointelegraph5/25/2026Cryptocurrency2 min read

Satoshi-era Bitcoin whale moves $203M to OTC desks

Quick Look

A long-dormant Bitcoin miner, active since the Satoshi era, transferred 2,650 BTC ($203M) to FalconX and Cumberland OTC desks.
This move may signal a sale or liquidity transaction, occurring as Bitcoin prices hover below average miner production costs, pressuring operations.

AI-generated summary

Why It Matters

A long-dormant Bitcoin miner, active since the Satoshi era, transferred 2,650 BTC worth approximately $203 million to FalconX and Cumberland over-the-counter (OTC) trading desks. This move is being closely watched as early Bitcoin holders are often seen as a source of long-dormant supply. The transfer occurs as Bitcoin's price is trading below the average cost of production for many miners, creating profitability pressures.

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A Satoshi-era Bitcoin whale transferred 2,650 Bitcoin worth about $203 million to FalconX and Cumberland over-the-counter (OTC) trading desks, in an onchain move that may signal a planned sale or liquidity transaction from the long-dormant Bitcoin miner.

The early Bitcoin (BTC) miner transferred the funds across two transactions of 1,000 BTC each and another 650 BTC transaction on Sunday, according to blockchain data platform Arkham.

The address still holds another 6,000 BTC worth about $462 million, said blockchain data platform Onchain Lens in a Monday X post.

Transfers to over-the-counter trading desks can signal a planned sale or liquidity transaction, though they do not prove the Bitcoin has been sold. Large holders often use OTC desks to access deeper liquidity without placing visible sell orders on public exchange books.

Old miner wallets are closely watched as a source of long-dormant supply. When Satoshi-era coins move to institutional trading desks, traders often read it as a potential sign that early holders are preparing to reduce exposure.

Source: Onchain Lens

Bitcoin miners face profitability pressure

The Satoshi-era Bitcoin miner’s transfer occurred as Bitcoin’s price was stuck trading in a narrow range over the past month and fell about 0.5% to trade at $77,347 at the time of writing on Monday.

This is significantly below the average Bitcoin miner production cost of about $93,175 per BTC, according to TradingView data. The development shows that miners currently selling at these price levels are selling their Bitcoin at a loss compared to the cost of producing it.

The Bitcoin average miner cost production chart. Source: TradingView

However, other analytics providers are showing different Bitcoin cost production estimates. Capriole Investment’s data estimated a Bitcoin production cost of about $57,706, while research platform CryptoRank said that public miners had an average BTC production cost of about $74,600.

When Bitcoin trades below this level, smaller mining operations may be pressured out of business, as they are forced to sell their BTC at a loss to fund operations. A March report from CoinShares found that as many as 20% of Bitcoin miners could be operating at a loss, particularly those using older mining equipment.

Related: New York lawsuit tests lost property claim over dormant Bitcoin

Some Bitcoin mining companies have started relying on new revenue models to address financial pressure.

Digital infrastructure company Soluna Holdings has offset part of its weaker Bitcoin mining revenue with its data center hosting business, which generated $6.7 million in first-quarter revenue, while cryptocurrency mining contributed roughly $2.2 million, down from nearly $3 million the year before, Cointelegraph reported on May 18.

What to Watch

AI outlook — possibilities, not facts

Further analysis of on-chain data will be conducted to determine if the transferred Bitcoin has been sold.
Very likely · Within days
Increased scrutiny on other dormant Bitcoin wallets for similar movements.
Likely · Within weeks
Some smaller mining operations may be forced to cease operations due to profitability pressures.
Possible · Within months