On February 6th, it was reported that as Bitcoin’s price retreated from its high at the end of 2025, the massive Bitcoin holdings of its mysterious creator, Satoshi Nakamoto, also experienced a significant decrease in value. Based on current market prices, the book value of approximately 1.1 million Bitcoins under Satoshi Nakamoto’s name is about $71 billion, whereas during the peak a few months ago, this number exceeded $130 billion, with a loss of over $60 billion.
This change is not due to selling activity. On-chain data shows that wallets associated with Satoshi have been in long-term dormancy since around 2010, with no large-scale transfers ever occurring. These addresses are considered “effectively locked,” accounting for about 5% of the total Bitcoin supply, and are the largest known single holdings in the market. Because of this, they are viewed as “sleeping Bitcoins” that will not enter circulation, having a long-term impact on market structure.
When Bitcoin hit a new all-time high at the end of 2025, Satoshi’s holdings once became one of the most valuable crypto asset portfolios globally. Now, the price correction has nearly halved its value, demonstrating the high elasticity of Bitcoin’s price movements. Even if the largest holder takes no action, their nominal wealth will still fluctuate dramatically with market cycles.
Since stepping back from the public eye in 2011, Satoshi Nakamoto has never made any statements regarding their identity or assets. This prolonged silence has made their wallet itself a part of Bitcoin’s narrative. Some speculate they are still alive, while others believe they have passed away. Regardless of the truth, these dormant addresses have become symbols of the long-term holding philosophy in Bitcoin.
This recent book value reduction serves as a reminder to investors: Bitcoin is not a one-way upward asset; its value constantly adjusts in response to macroeconomic conditions, market sentiment, and cyclical changes. Satoshi Nakamoto’s “unchanged one coin” perhaps offers the most direct illustration of this volatility.
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