Analysis questions Satoshi's 1.1M BTC ownership claims

Claims that Bitcoin creator Satoshi Nakamoto holds approximately 1.1 million BTC are based on early mining activity patterns rather than direct proof of ownership. Researcher Sergio Demian Lerner identified a pattern in early Bitcoin blocks in 2013, named the "Patoshi" pattern, which is linked to an estimated 1.1 million BTC mined. Some BTC received by early users from Satoshi are associated with this pattern, leading to speculation that Patoshi may be Satoshi. However, no direct evidence confirms this connection. Blockchain analytics firm Bitquery reanalyzed 54,316 early blocks and found that Patoshi's estimated mined holdings range from under 900000 BTC to about 1170000 BTC, indicating that the commonly cited 1.1 million BTC figure is also an estimate. Additionally, while 600 BTC dormant for 16 years recently moved, suggesting a potential link to Satoshi, no clear connection to Patoshi-mined coins has been established. On-chain data complicates verification of whether the early large-scale miner was indeed Satoshi or if the same individual still controls the private keys.

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