The motivation behind the latest donations is unclear, adding to the ongoing mystery of why people keep sending Bitcoin to crypto’s richest holders.
- Over the past 48 hours, a Revolut user sent more than $5,000 worth of Bitcoin into Satoshi Nakamoto’s wallet.
- The wallet holds roughly 1.096 million BTC worth more than $71 billion, and has never moved a single coin since 2011.
- Transfers like this have been occurring for years, some considered tributes, symbolic “burns,” or even accidental withdrawals sent to an unspendable address.
Someone on Revolut has spent the past two days sending Bitcoin (BTC) to a wallet that hasn't moved a coin since 2011— Satoshi Nakamoto's.
On-chain analytics company Arkham flagged on Thursday that a Revolut user (or users) have sent Satoshi Nakamoto over $5,000 worth of Bitcoin in the last two days, reopening the ongoing puzzle of why anyone continues to finance a wallet that hasn’t moved a single coin since 2011. Revolut is a leading British fintech platform.
Four transactions from hot wallets linked to Revolut landed in Satoshi’s address within the same window, according to on-chain data from Arkham, including three transfers of 0.0181 BTC and one smaller transfer of 0.00369 BTC. This wallet is linked to the Bitcoin creator through a "Patoshi Pattern" mining signature and holds approximately 1.096 million BTC, valued at over $71 billion, making Satoshi the biggest BTC holder.
A Voluntary Bitcoin Burn?
This could also be an attempt to shrink Bitcoin's circulating supply, since coins sent to Satoshi's wallet have never once moved and likely never will, functioning almost like a voluntary burn.
That idea echoes a thesis Strategy’s (MSTR) founder Michael Saylor has pushed repeatedly. Bitcoin's fixed 21 million coin cap makes it inherently deflationary, with a meaningful chunk of that supply, including Satoshi's own 1.096 million BTC, already locked away for good.
Earlier this year, Saylor said an estimated 6 million BTC sits in this kind of "supply sink," between lost wallets, Satoshi's holdings, and long-term institutional stashes like Strategy's own, which he has vowed never to sell.
Not A New Phenomenon
The address has received sporadic donations for years, including a transfer of roughly $181,000 in February, which a crypto analyst and Kalshi Ambassador called a “tribute,” or a “burn,” on X.
Arkham has also previously addressed similar transfers as either accidental exchange withdrawals or deliberate tributes. Last year, Arkham also pointed to another firm accidentally sending $20,000 to one of Satoshi Nakamoto’s wallets.
On X, the company asked ”Did someone just send $20,000 to Satoshi Nakamoto by accident? Most likely this was a withdrawal from an exchange or service.” It also hinted at the possibility that the sender might be “an OG Bitcoiner giving back.”
Bitcoin’s price was down by 1% during the past 24 hours, slipping under the $65,000 mark. On Stocktwits, the retail sentiment around BTC remained in the ‘bullish’ zone, while chatter around it stayed at ‘low’ levels over the past day.
The motive behind the latest wave remains unconfirmed.
Read also: MSTR Stock Falls Amid Bitcoin’s Drop Below $65K – Strategy Joins BlackRock, Coinbase In $15 Million Bitcoin Security Push
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