New Theory Links Satoshi Nakamoto to the ‘2010 Megawhale’

A groundbreaking theory suggests that Bitcoin’s enigmatic creator, Satoshi Nakamoto, may not have disappeared but instead has been stealthily liquidating holdings from 2010-era wallets under the guise of the “2010 megawhale.”

According to a November 19 report from Bitcoin research firm BTCparser, hundreds of Bitcoin wallet addresses created in 2010, each containing 50 BTC, remained untouched until a significant activation in November 2019. Since then, these wallets have reportedly facilitated calculated sales of Bitcoin, raising speculation that Nakamoto himself could be behind these movements.

BTCparser’s analysis posits that Nakamoto may have deliberately avoided touching the original 2009 wallets to maintain anonymity, opting instead to utilize the later 2010 wallets. “If Satoshi has access to a treasure trove of 2010-minted coins, there’s no need to touch the original 2009 wallets,” the research states. This strategy would not only protect Nakamoto’s identity but also reduce public scrutiny of the more iconic 2009 holdings.

Strategic Liquidation of Funds

BTCparser outlined a detailed timeline of the whale’s cash-out strategy. The funds from these wallets were first pooled into a single Pay-to-Script-Hash (P2SH) address—often used for escrow—before being distributed to multiple bech32 addresses. Bech32, a modern address format, is favored for its efficiency and lower transaction fees.

Key sales from these wallets include:

• November 2019: $5 million worth of BTC liquidated.
• March and October 2020: Additional sales of $6–8 million and $11–13 million, respectively.
• November 15, 2024: A record $176 million sale.

BTCparser noted that the escalating sales volumes closely align with Bitcoin’s rising value, reinforcing the theory that these transactions are part of a deliberate, long-term strategy.

Coinbase May Hold the Key

The funds were reportedly deposited on Coinbase, one of the largest cryptocurrency exchanges. BTCparser speculated that Coinbase might have more insight into the identity of the whale, unless intermediaries were used to obfuscate the origin of the transactions.

The Ongoing Satoshi Mystery

If confirmed, the theory adds another layer of intrigue to the mystery surrounding Nakamoto, whose identity has eluded both researchers and the broader crypto community. Past speculation has implicated figures such as Nick Szabo, Adam Back, and Hal Finney—all of whom have denied being the elusive creator.

In October, an HBO documentary controversially claimed that Bitcoin cypherpunk Peter Todd was the creator of Bitcoin, a claim widely dismissed by the industry. While Nakamoto’s identity remains a mystery, the new “2010 megawhale” theory underscores the lengths to which the Bitcoin creator may have gone to protect their privacy.

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