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
Adding to the drama is a record options expiry. On November 17, $3.4 billion in Bitcoin options and $581 million in Ethereum (ETH) options are set to expire. These expirations often spark volatility as traders adjust their positions.
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.
The timing of the wallet movement and the options expiry is no coincidence. Large BTC transfers to exchanges often signal upcoming sales. Combined with the options expiry, it could add selling pressure.
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.
