Somebody who mined Bitcoin in July 2010 — when a coin was worth a fraction of a cent and the whole network was worth less than a used car — just moved 100.02 BTC worth about $8.3 million. They paid a $1.22 fee to do it. Sixteen years of holding, one transaction, and nobody on earth knows who they are.
You, on the other hand, sold at a loss this week. And you did it because a headline scared you.
The Facts, Because You Apparently Need Them
On Wednesday, October 7, at 18:52 UTC, block 970,379 confirmed a transaction that split 100.02 BTC between two brand-new addresses: 10 BTC to one, 90.02 BTC to the other. Those coins were mined in two batches — 50.02 BTC in block 70,522 on July 26, 2010, and 50 BTC in block 70,748 on July 28, 2010 — then merged into a single address on July 30, 2010.
They had not moved since. Not through 2011. Not through Mt. Gox. Not through the 2013 bubble, the 2015 winter, the 2018 collapse, the March 2020 crash, the 2022 contagion, or anything since. Sixteen years, untouched.
At the 2010 peak price, the stash was worth about $29. When it moved, it was worth about $8.3 million. The total fee paid to move it: 1,467 satoshis, roughly $1.22. Both destination addresses are modern bc1q addresses — a format that did not exist when those coins were mined. Nothing identifies the owner. And moving coins is not the same as selling them.
Now here is what you were doing at the same time.
You Panicked. They Didn’t.
Bitcoin dipped to $80,350 on Thursday — its lowest level since September 18. Crypto liquidations crossed $1.09 billion in 24 hours, and $1.05 billion of that was longs. The trigger was a report that the U.S. government had moved more than 12,000 BTC of previously confiscated coins, a transfer that spooks traders into assuming a sale is coming.
And then the real number: short-term holders — people who have owned Bitcoin for six months or less — sent 55,600 BTC to exchanges at a loss on Thursday, according to CryptoQuant.
Read that again. They didn’t send coins they’d profited on. They sent coins they were already down on, because they were more afraid of losing more than they were committed to owning it.
Here’s the detail that should sting. Thursday’s loss-driven selling was heavier than June 26, when Bitcoin traded at $59,300. On Thursday, Bitcoin was above $81,000. These people capitulated at a price more than 36% higher than the last time the same thing happened — and still took the loss.
Meanwhile, spot Bitcoin ETFs posted their heaviest daily outflow since June, losing $487 million on Wednesday alone, with October outflows swelling toward $1 billion. And in the middle of all of it, Citigroup raised its 12-month Bitcoin target to $113,000, up from $82,000.
Why This Is Your Problem
Look at the two groups in this story and tell me which one you belong to.
Group one: the people who bought Bitcoin as a trade. They watched a chart, they read a target, they bought at $87,000 because an analyst said $113,000, and they dumped at $81,000 because the government moved some seized coins. Six months in, one bad headline, and they’re out. They didn’t buy Bitcoin. They bought a lottery ticket with a timer on it.
Group two: whoever mined 100 BTC in July 2010. They watched Bitcoin go from $29 to $30,000 and back down to $2,000. They watched it hit $69,000 and fall to $16,000. They watched the entire crypto industry blow itself up in 2022. They held through all of it — and this week, when everyone else was puking coins into exchanges at a loss, they moved their position for a $1.22 fee without a single announcement, interview, or victory lap.
And then there’s the third group: the institutions and analysts who told you Bitcoin is “digital gold,” a “store of value,” an asset you hold for a decade. Those same analysts are the ones who raise a price target to $113,000 in the same week that the ETF they sold you bleeds $487 million. Their product is attention. Their fee is paid whether you’re right or wrong.
Fifteen years of “Bitcoin is the future of money,” and the only participant who behaved like it was money is an anonymous wallet from 2010.
The Love Is Bitcoin Takeaway
The 2010 miner had one advantage you don’t have yet: nobody else could touch those coins. No custodian, no exchange, no ETF, no counterparty. No platform that could freeze it, rehypothecate it, or hand it to a bankruptcy court.
That is the entire difference between the person who held for 16 years and the person who sold at a loss in six months. Not intelligence. Not timing. Custody. The trade-holders were renting exposure. The 2010 wallet owned the thing.
If you want to be in group two, the rules are boring and they are absolute: buy without a middleman, hold your own keys, and never let a headline decide your position size. Start here — buy Bitcoin non-custodially through Bull Bitcoin and use the coupon code LOVEISBITCOIN. No custodian between you and your coins. That’s the whole point.
Whoever moved those coins this week has been right for sixteen years running. The people who sold on Thursday have been wrong for six months. So which group are you actually in — the one holding the keys, or the one holding the receipt?
This article is for education only and is not financial advice.
THE 2010 MINER JUST MOVED $8.3 MILLION FOR A $1.22 FEE — WHILE YOU PANIC-SOLD 55,600 BTC AT A LOSS
