Bitcoin’s onchain activity has once again brought the identity and whereabouts of Satoshi Nakamoto, the network’s creator, back into debate.
According to an analysis published by Galaxy Research, of the 33,995 50-BTC outputs that remain unspent from blocks prior to the first halving, approximately 21,922 were mined by Satoshi, equivalent to 1.096 million BTC and representing 64.5% of all unspent early rewards.
Before the first halving, 10.5m BTC was issued across 210,000 blocks.
Each m of those blocks resulted in 50 BTC outputs. Of those 50 BTC “coinbase” UTXOs, 172,042 / 83.5% have been spent. The vast majority were spent before 2014 — the chart below shows the sum of those spends. pic.twitter.com/pfcJyLE0l7
— Galaxy Research (@glxyresearch) September 7, 2026
The report coincided with the reactivation of seven dormant wallets holding 50 BTC each, which remained inactive for 16.5 years before moving on September 5, 2026, according to Whale Alert data.
This once again reignited interest in Bitcoin’s ancient supply at an unusual moment: the network recorded its fourth-highest daily transaction count in its history, with 893,391 operations surpassing 99% of its historical range.
Galaxy Research noted that the so-called “Patoshi miner“, an entity widely associated with Satoshi, ceased operations in May 2010. Analysts argue that the behavior, the complete absence of spending, and the pattern of progressive deceleration suggest that Satoshi’s interest was always to protect the network, not accumulate wealth.
The probability that those funds will ever move is considered extremely low.
Source: https://x.com/glxyresearch/status/2097085129243959548
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