Photo credit: The Byteline

A fresh theory has emerged regarding the mysterious identity of Bitcoin’s creator, Satoshi Nakamoto. According to research by BTCparser, a Bitcoin analytics firm, Satoshi may not have gone dormant as many believe, but instead has been quietly cashing out Bitcoin from 2010-era wallets since 2019.

In a blog post published on Nov. 19, BTCparser highlighted a series of Bitcoin wallets created in 2010, each containing 50 BTC. These wallets remained untouched for nearly a decade until the first transactions were detected in November 2019. Dubbed the "2010 megawhale," this entity has reportedly been liquidating Bitcoin holdings strategically ever since.

BTCparser’s theory proposes that Satoshi Nakamoto may own these wallets, deliberately avoiding transactions from the original 2009 wallets to preserve anonymity and avoid drawing attention.

“If Satoshi has access to a treasure trove of 2010-minted coins, there’s no need to touch the original 2009 wallets,” BTCparser explained. “Using these later coins ensures privacy while reducing the risk of revealing Satoshi’s identity.”

Strategic Bitcoin Sales

The first significant transaction from these wallets occurred in November 2019, when $5 million worth of Bitcoin was sold. Subsequent sales in 2020 saw $6-8 million and $11-13 million liquidated in March and October, respectively. The most recent and largest sale was $176 million worth of Bitcoin, transacted just 10 days ago, on Nov. 15.

“The increasing sales volumes align with Bitcoin’s rising value, suggesting that this whale has been cashing out strategically,” BTCparser noted.

The coins were pooled into a P2SH (Pay-to-Script-Hash) address — commonly used for escrow services — before being distributed to bech32 addresses. These modern address types are favored for their low transaction fees and efficient use of blockchain space.

Could Coinbase Hold the Key?

The liquidations were reportedly facilitated through Coinbase, one of the world’s leading cryptocurrency exchanges. BTCparser suggested that Coinbase might hold critical information about the person or entity behind these transactions, though anonymity could be preserved if intermediaries were used.

The theory adds to ongoing speculation about Satoshi Nakamoto’s identity. Earlier in October, an HBO documentary controversially claimed that cypherpunk Peter Todd invented Bitcoin, a claim Todd has refuted.

READ MORE: HBO doc claims Peter Todd is Bitcoin creator Satoshi Nakamoto

Other names frequently associated with Satoshi include cryptographers Nick Szabo, Adam Back, and Hal Finney. Both Szabo and Back have denied being Satoshi, while Finney, an early Bitcoin contributor, passed away in 2013.

If BTCparser’s theory is correct, it paints a picture of a meticulous creator who planned years ahead to ensure their identity remained hidden. By relying on the 2010 wallets rather than the original 2009 ones, Satoshi — or the "2010 megawhale" — may have found a way to operate in the shadows while continuing to benefit from Bitcoin’s success.

While BTCparser emphasizes that this is only a theory, the mysterious activity of the 2010 megawhale continues to fuel speculation about Bitcoin’s enigmatic creator.

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