Statue Found in Pieces

The statue was retrieved from the lake in several broken parts by Lugano city workers, indicating the event may have been an act of vandalism rather than theft. It was noted that the statue had only been welded to the base at two points on its feet, making it relatively easy to detach. Following its disappearance, Satoshigallery offered a reward of 0.1 BTC (approximately $11,000) to anyone who could help recover it.

“You Can Steal Our Symbol, But Never Our Soul”

Created by Italian artist and Bitcoin advocate Valentina Picozzi, the statue was unveiled in October 2024 and had since become a strong emblem of the Bitcoin community. According to the artist, the planning and construction of the statue took a total of 21 months. The attack drew strong reactions from the community. Pointsville CEO Gabor Gurbacs expressed his frustration on X, stating, “Such a tasteless and foolish act… I hope the perpetrators are caught.”

Some users speculated that intoxicated individuals during the August 1st Swiss National Day celebrations might be responsible for the vandalism. Bitcoin advocate Gritto shared a similar opinion. Tether CEO Paolo Ardoino responded to the statue’s recovery with just a heart emoji. Satoshigallery, on the other hand, released a resilient message saying, “You can steal our symbol, but never our soul.” The collective also reaffirmed its commitment to placing similar statues in 21 locations around the world.

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According to Galaxy Digital, the sale was part of a broader estate planning strategy on behalf of the anonymous investor. While the identity remains undisclosed, it’s clear the scale and method of the sale were carefully coordinated. No specific details were provided regarding the timing or the exact selling price.

Market Reacts to the Massive Sell-Off

The news broke during a high-volatility trading session last Friday. At one point, Bitcoin dipped below $115,000, sparking concerns of a possible broader sell-off. However, the downturn was short-lived.

On-chain data revealed that approximately 30,000 BTC were moved throughout the day from Galaxy-associated addresses to various crypto exchanges. These transfers were traced back to the same stash of 80,009 BTC that had been moved earlier this month after years of inactivity.

Bitcoin Absorbs the Pressure Swiftly

Despite the enormous selling pressure, the market showed remarkable resilience. After briefly dipping, Bitcoin rebounded quickly to reclaim levels above $117,000. Analysts described the market response as an indication of growing maturity and liquidity.

Joe Consorti from blockchain infrastructure firm Theya noted:

“80,000 BTC—or $9 billion in value—was offloaded directly into the open order book, and Bitcoin barely flinched. That’s a powerful testament to the market’s depth.”

This resilience comes at a time when Bitcoin is already riding high. In 2025, the crypto asset surged past $123,000, fueled by rising ETF inflows, stronger institutional adoption, and a more favorable U.S. regulatory landscape. The fact that such a large-scale sale had minimal price impact only strengthens the bullish sentiment around BTC.

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According to CoinMarketCap data, Amazon currently holds a market cap of $2.135 trillion, which Bitcoin surpassed by approximately $70 billion.

Experts: “Bitcoin is becoming a benchmark currency”

Crypto researcher Alex Obchakevich noted, “Surpassing Amazon in terms of market cap has drawn the attention of non-crypto investors to Bitcoin.” He added that this rally would encourage new capital inflows into the crypto market. Bitcoin’s surge above $110,000, setting a new all-time high, is expected to draw large institutional investors.

Obchakevich also highlighted the growing influence of institutional players in the crypto space:

“In May, BlackRock became the second-largest Bitcoin holder after Satoshi Nakamoto, overtaking Binance.”

Hassan Khan, CEO of Bitcoin liquidity platform Ordeez, commented:

“This is a structural shift. Bitcoin is no longer just a hedge—it’s becoming a benchmark currency.”

Crypto Market Approaches New Highs

The total cryptocurrency market capitalization currently stands at $3.49 trillion, about 6% below the $3.71 trillion all-time high reached in late 2024.

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Bitcoin ETFs recorded nearly $604 million in net inflows on May 21. Current open interest in crypto derivatives is also significant:

• Perpetual swaps: $756.16 billion
• Futures: $3.24 billion

Obchakevich shared a bullish outlook:

“We are gradually moving toward $200,000. I believe we’ll see $90,000 and then $150,000 within this year.”

Khan reinforced the institutional perspective:

“Large ETF inflows and rising open interest reflect growing institutional confidence. While short-term profit-taking and macroeconomic uncertainty are slowing momentum, underlying indicators still show strong conviction.”

Bitcoin Pizza Day: From 10,000 BTC to $1.1 Billion

Today also marks Bitcoin Pizza Day, which commemorates May 22, 2010—when developer Laszlo Hanyecz made the first known purchase using Bitcoin: two Papa John’s pizzas for 10,000 BTC. At the time, that was worth less than $40. Today, it would be worth over $1.1 billion.

Ulli Spankowski, Chief Digital Officer at Boerse Stuttgart Group, commented:

“What was once a highly speculative asset has evolved into a serious asset class.” He added that Bitcoin, with a market cap over $2 trillion, is now the fifth-largest asset globally, following gold and the three largest publicly traded companies.

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The initial transaction used a “default or conservative” fee setting. The user’s first RBF attempt doubled the fee and altered the output address. But instead of confirming either of these transactions, a final RBF with a dramatically higher fee overrode them, causing the entire amount of the change — 0.75 BTC — to be included as miner reward.

Satoshi Error or Bug in Wallet Script?

According to Anmol Jain, VP of Investigations at AMLBot, the user may have made a simple yet costly mistake in fee calculation. Jain suggested the user likely meant to enter 30.5692 sat, but accidentally typed 305,692 sat — or confused sat/vB with total satoshis.

Another theory is that an automated wallet script contained a miscalculation. Some wallets allow fee settings in sats/vB, and such confusion can arise if the system interprets a small value as too low and prompts the user to increase it. Jain explains:

“User types 305000 thinking it’s 30.5 sat/vB, but the wallet applies 305,000 sat/vB — which is insane.”

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

The mistake caused the wallet to treat a full UTXO of nearly 0.75 BTC as a transaction fee, likely due to not properly updating the change address or misreading the transaction structure. Both earlier transactions remained unconfirmed while the highest-fee version went through.

RBF: Flexible Feature or Dangerous Tool?

Replace-by-fee is a controversial but core feature in Bitcoin. It allows users to replace unconfirmed transactions with higher-fee versions. Miners, motivated by profit, are expected to confirm the version that offers a higher reward.

This mechanism has sparked debate. In 2019, Bitcoin Cash advocate Hayden Otto claimed RBF enabled double-spending. Bitcoin Cash removed RBF support and claimed unconfirmed transactions on its network were final and trustworthy.

Despite this, RBF-like behaviors have occurred on Bitcoin Cash as well, showing that this feature is more a result of blockchain dynamics than a standalone switch.

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BlackRock’s IBIT product leads the pack with 521,164 Bitcoins, followed by Grayscale’s converted GBTC fund (214,217 Bitcoins) and Fidelity’s FBTC (199,183 Bitcoins).

Since January, Bitcoin ETFs have seen over $33 billion in net inflows, with $2.4 billion flowing in just last week. During this time, Bitcoin’s price soared by 130%, surpassing $100,000.

Satoshi Nakamoto’s Holdings
Satoshi Nakamoto is estimated to own around 1.1 million Bitcoins based on early mining activity analyses. However, experts suggest the figure could range between 600,000 and 1.5 million Bitcoins.

With a current market value exceeding $100 billion, Satoshi’s untouched coins remain shrouded in mystery regarding their true value.

Institutional Players and Governments Join the Scene
Companies like MicroStrategy highlight Bitcoin’s growing appeal, holding a staggering 402,100 Bitcoins, making it the largest corporate Bitcoin owner.

Meanwhile, the U.S. government leads among states with 208,109 Bitcoins from seized funds.

The rapid rise of spot Bitcoin ETFs continues to fuel optimism for digital assets’ future, drawing significant attention from investors worldwide.

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The 2010 Mega Whale Satoshi Nakamoto

The Bitcoin research group BTCparser conducted an in-depth study of wallets created in 2010, each containing 50 Bitcoin, and identified a “wake-up” in these wallets. After remaining inactive until November 2019, significant Bitcoin transfers began occurring at regular intervals. BTCparser grouped these movements under the name “2010 Mega Whale” and suggested that these wallets could belong to Satoshi Nakamoto.

According to this theory, Nakamoto is using the 2010 wallets instead of touching the original ones created in 2009 to maintain anonymity and divert attention. BTCparser believes this shows a creator who is “carefully planning to maintain their privacy.”

How Are the Funds Made Traceable?

The Bitcoins moved from these wallets are managed with specific strategies to avoid drawing attention. Initially, funds are transferred to P2SH addresses, which offer multi-signature support and better security. From there, they are redirected to bech32 addresses that are more efficient in terms of block space and reduce transaction costs.

In the first movement in 2019, Bitcoin worth approximately $5 million was transferred, and subsequent transfers saw even larger amounts. After transfers in March and October 2020, totaling $20 million, the largest movement occurred in November 2024. Around $176 million worth of Bitcoin was liquidated at that time, causing a stir in the crypto world.

These sales are notable for aligning with increases in Bitcoin’s value. BTCparser suggested that this indicates the mega whale has a strategy of selling when Bitcoin peaks to make profits.

Satoshi Nakamoto’s Strategy

Since the early days of Bitcoin, Nakamoto’s dedication to maintaining their anonymity has been just as remarkable as their technical genius. According to BTCparser’s theory, using the 2010 wallets not only protects the 2009 wallets without any doubt but also allows Nakamoto to maintain their anonymity.

This situation sheds light on the privacy strategies of early Bitcoin holders, not just Nakamoto. The movement of early wallets often creates speculation in the market and impacts Bitcoin’s price, which is why Nakamoto is believed to have avoided using those wallets.

Who is Satoshi Nakamoto?

Over the years, many names have been suggested as the true identity of Satoshi Nakamoto. Peter Todd, Nick Szabo, Adam Back, and Hal Finney are some of the most well-known figures associated with the mysterious identity. However, none of them have accepted these claims.

Peter Todd, who was one of the names suggested in an HBO documentary as Nakamoto, firmly rejected these allegations. Nick Szabo and Adam Back regularly state that they are not Satoshi, and Hal Finney had rejected these claims before passing away in 2013.

While BTCparser’s theory has not definitively confirmed whether Nakamoto is truly a mega whale, it has reignited discussions on the topic.

How is Satoshi Nakamoto Staying Hidden Since 2010?

Satoshi Nakamoto’s strategy of using 2010 wallets to protect their identity raises important questions about anonymity and security in the crypto world. Nakamoto’s actions not only provide clues about their identity but also offer new insights into Bitcoin’s early days.

While Nakamoto’s identity remains a mystery, this strategy both reinforces the principle of Bitcoin’s decentralization and encourages further research into the history of cryptocurrency. The mega whale theory may suggest that Satoshi has been moving like an invisible shadow, subtly influencing Bitcoin’s world without ever fully revealing themselves.

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The person behind the @satoshi account on the social media platform X made a surprise by revealing their personal identity.

The account shared a post on the X platform, announcing that the account has been under the control of Craig Wright since 2018, following a purchase agreement with the previous owner.

Craig Wright is a person who claims to be the founder of Bitcoin, Satoshi Nakamoto, but has not provided any concrete evidence to support this claim. Wright argues that the current Bitcoin has deviated from its original form and, for this reason, created the Bitcoin SV altcoin, which he claims is faithful to the original Bitcoin.

In the post made by the account owner, it was stated that the @satoshi username was stolen from Craig Wright on January 1st. According to the explanation, the person who stole the account is constantly selling the username to other people and then regaining control of the account.

The fake Satoshi account claimed that hackers found a vulnerability that allows them to take control of any account on the X platform. They even claimed that the SEC official account, which shared the fake Bitcoin Spot ETF approval, was also seized by hackers using this method.

Hugh, the account owner, stated that he actually could not take full control of the Satoshi account and asked for help from Elon Musk.

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The apparent reactivation of an account bearing Nakamoto’s name and “verified account” blue check mark challenges the value of the blue check mark.

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The account named “Satoshi Nakamoto” wrote the following on Monday: “Bitcoin is an identical machine.” “Over the course of the coming months, we will explore different aspects that were not clearly outlined in the whitepaper.”

This was the second post this week on the account. The activity before these tweets took place in October 2018.

Bitcoin is a predicate machine. Over the following months, we shall explore different aspects that were not explicitly contained within the white paper. These aspects are all parts of bitcoin, and are important. Some of these ideas were touched upon in the early years; now is…

— Satoshi Nakamoto (@satoshi) October 2, 2023

Twitter users, adding community notes to the post, pointed out that the @satoshi account has been linked to “Craig Wright,” an individual who has claimed for years to be Satoshi Nakamoto.

Yeahhh needless to say, don’t click any links this account sends in the next while… https://t.co/fY1qTubpKo

— Adam Cochran (adamscochran.eth) (@adamscochran) October 2, 2023

Users warns not to click on links shared by the account, as scammers could potentially take over and misuse them. Many within the community express their skepticism, believing that the real Satoshi would not subscribe to a feature that could jeopardize his privacy or use an application that could create potential security threats. As a result, they are likely considering the account as probably fake and seeing it as a possible “LARPing” (Live Action Role Playing) attempt.

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