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After 14 years, there is a movement in the Bitcoin addresses from the Satoshi Nakamoto era, and some dormant wallets may still be controlled by the original holders

An address from the "Satoshi era" that has never been used since March 2011, holding 35.55 bitcoins (approximately $2.54 million), made a transfer this week and is seen as one of the first publicly visible responses from a defendant in a lawsuit involving approximately 3.8 million bitcoins (valued at about $285 billion) in New York. On-chain data shows that the address transferred 15 BTC to a new address on June 2, keeping the remaining 20.55 BTC as change. This address initially received bitcoins on March 27, 2011, when the BTC price was still under $1. In March of this year, a plaintiff using the pseudonym "Noah Doe" filed a lawsuit in New York state court along with two LLCs from Wyoming, attempting to claim ownership of approximately 3.8 million long-dormant bitcoin wallets under New York's lost property law, positioning themselves as the "finder." The court approved sending on-chain notifications to the relevant wallets via the Bitcoin OP_RETURN field. In July 2025, the advisory firm Salomon Brothers Strategic Advisors sent dust transactions with links to legal notices to 39,000 wallets, including the aforementioned address, requesting holders to prove ownership within 90 days. Galaxy Research's research director Alex Thorn pointed out that this address corresponds to defendant number 38215 in the case, stating, "Clearly, these bitcoins have not actually been abandoned." Additionally, another address that had been dormant for 15 years, 1CDSyXAQxro4FPUoqAQb81642ruqDsUiNp, also transferred 20 BTC (approximately $1.48 million) on the same day, but this address did not appear on Noah Doe's lawsuit list. Analysts believe that the on-chain movements mentioned above indicate that some bitcoins from the Satoshi era, considered "abandoned assets," are actually still under the control of the original holders.

As Bitcoin plummets, HYPE ETF defies the trend by attracting nearly $160 million, sparking a new wave of crypto enthusiasm on Wall Street

Despite the recent continuous decline of Bitcoin and Ethereum, the ETF product tracking the Hyperliquid ecosystem token HYPE has seen a surge in funding. The HYPE spot ETFs launched by Bitwise and 21Shares in May of this year (with codes BHYP and THYP respectively) attracted nearly $150 million in asset inflows within a few days of listing, achieving net inflows on most trading days. Grayscale's Hyperliquid Staking ETF (HYPG), launched this week, currently has assets totaling $4.5 million.Bitwise Chief Investment Officer Matt Hougan stated that Hyperliquid's market penetration is currently only about 1%, and most investors are still unfamiliar with the project. Hyperliquid is a decentralized perpetual contract trading platform built on an independent blockchain, which rapidly rose to prominence during the U.S.-Iran conflict last year by providing weekend crude oil trading channels, with trading volumes reaching about $1 billion per day at one point.Grayscale Research Director Zach Pandl noted that the HYPE ETF attracts more new investors who have not previously participated in the crypto market, rather than capital rotation from Bitcoin. Analysts believe that Hyperliquid's biggest appeal lies in its unique value capture mechanism—99% of the platform's generated fee revenue will be used to repurchase HYPE tokens, similar to stock buybacks by listed companies, creating a direct link between platform activity and token value, making it easier for traditional equity investors to understand.As of now, the 21Shares Hyperliquid ETF has assets under management of $75.8 million, while the Bitwise Hyperliquid ETF has $71.14 million. Industry insiders believe that spot ETFs are becoming an important bridge connecting traditional finance and DeFi, helping to enhance the visibility of the Hyperliquid platform and promote mainstream adoption. However, analysts also remind that Hyperliquid cannot be used directly in the U.S. yet, and regulatory approval may not come until 2027, while competition from traditional finance and DeFi platforms may continue to intensify.

Analysis: On-chain data does not show that investors are massively selling off crypto assets to participate in the SpaceX IPO

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show that there are currently no signs of large-scale capital withdrawal from the crypto market.This SpaceX IPO is valued at approximately $1.8 trillion, allocating up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the traditional IPO's allocation of about 10% to individual investors. After the roadshow began, subscription demand has exceeded the issuance scale.Data shows that the outflow of USDT and USDC remains within the normal range since February this year, with no abnormal redemptions or supply contractions. In contrast, on June 6, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, indicating that more investors are transferring assets to private wallets, showing signs of buying the dip rather than concentrated cashing out.However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX stock still requires waiting for relevant brokers to release subsequent data.Currently, the most significant capital outflows are coming from spot ETFs. Data shows that as of June 3, U.S. spot Bitcoin ETFs have experienced net outflows for 13 consecutive trading days, with total redemptions of approximately $4.4 billion; spot Ethereum ETFs have seen capital outflows for 17 consecutive trading days before returning to slight net inflows.According to the plan, SpaceX will complete pricing on June 11 and will be listed on Nasdaq under the stock code SPCX on June 12.
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