“Is Satoshi Nakamoto Secretly Cashing Out Millions? The ‘2010 Megawhale’ Mystery Explained”

Has Satoshi Nakamoto Been Selling Bitcoin All Along? A New Theory Emerges

A fresh theory on Bitcoin’s enigmatic creator, Satoshi Nakamoto, suggests that he may have never gone dormant and has been strategically liquidating his holdings through “2010 wallets” over the last five years.

The “2010 Megawhale” Theory

Bitcoin research firm BTCparser recently stirred debate with a bold new hypothesis. In a blog post on November 19, the firm pointed to a cluster of Bitcoin wallet addresses from 2010, each containing 50 BTC, that remained untouched until the first “awakening” in November 2019. The researcher dubbed the owner of these wallets the “2010 megawhale.”

BTCparser speculates that Satoshi Nakamoto himself could be behind these transactions. By focusing on 2010 wallets instead of his original 2009 stash, Nakamoto could strategically cash out without drawing attention to his earliest holdings—a move designed to protect his anonymity.

“If Satoshi has access to a treasure trove of 2010-minted coins, there’s no need to touch the original 2009 wallets,” BTCparser argued. “This approach preserves anonymity and reduces the risk of revealing Satoshi’s identity.”

That said, BTCparser was clear to emphasize that this remains a theory, not a definitive conclusion.

Tracing the Cashouts

The theory gains credibility from the pattern of transactions. The funds were systematically moved from individual wallets into a single P2SH address—commonly used for escrow—before being distributed to multiple bech32 addresses, known for their efficiency and lower transaction fees.

From there, the coins were sold in carefully timed transactions that aligned with Bitcoin’s rising value:

November 2019: $5 million worth of Bitcoin liquidated

March 2020: A second sale of $6–8 million

October 2020: A third sale of $11–13 million

November 15, 2024: A staggering $176 million liquidation

BTCparser suggested that this calculated strategy hints at a long-term plan, one that adapts to Bitcoin’s value appreciation.

What Does Coinbase Know?

Many of these transactions reportedly flowed through Coinbase, raising questions about what the exchange might know about the person—or entity—behind them. BTCparser noted that if the whale worked directly with the platform, Coinbase might hold critical information. However, the use of intermediaries could make tracing the identity significantly harder.

Satoshi Speculation Rumbles On

The idea that Nakamoto could still be active has reignited debates around his identity. Theories about who created Bitcoin abound, with names like Nick Szabo, Adam Back, and the late Hal Finney frequently discussed.

In October, HBO’s documentary controversially claimed Bitcoin cypherpunk Peter Todd was Satoshi, though Todd vehemently denied the assertion. The evidence presented was widely criticized as flimsy by the crypto community.

A Genius of Privacy?

If the 2010 megawhale is Satoshi, it paints a picture of a creator who meticulously planned every move. By avoiding his 2009 wallets—potentially the most scrutinized Bitcoin addresses—he could maintain his privacy while cashing out with minimal suspicion.

But for now, the identity of the megawhale remains as shrouded in mystery as Satoshi Nakamoto himself. Whether these transactions are the work of Bitcoin’s creator or simply a savvy early adopter, one thing is clear: the mythos of Nakamoto continues to captivate and intrigue the world of finance.