As the Bitcoin (BTC) white paper celebrated its 17th anniversary, Satoshi Nakamoto's iconic wallet lost approximately $500 million (approximately 675 billion won) in value in a single day. This, coupled with the expiration of $16 billion (approximately 2.16 trillion won) worth of Bitcoin and Ethereum (ETH) options, sent markets into a state of nervousness.
On October 31, 2008, a white paper titled "Bitcoin: A Peer-to-Peer Electronic Cash System" was first published to a cryptography mailing list. At the time, it was merely a nine-page PDF document, but today, Bitcoin has laid the foundation for a global digital asset market worth $2.4 trillion (approximately 3,240 trillion won). The ability to transfer digital value without a central bank has since led to the emergence of ETFs, experiments with national currencies, and institutional investment, reshaping the very language of finance.
Satoshi Nakamoto, Bitcoin's anonymous creator, still holds 1,096,000 BTC in his wallet. These coins, currently worth approximately $120 billion (approximately 162 trillion won), have remained largely unchanged since 2010. However, a recent slight price correction has caused the value of this wallet to evaporate by nearly $5 billion (approximately 6.75 trillion won) in a single day.
At the same time, October 31st, the release date of this year's white paper, created additional tension in the market. Options contracts worth $13.4 billion (approximately 18.9 trillion won) for Bitcoin and $2.5 billion (approximately 3.375 trillion won) for Ethereum expired on that day. Bitcoin is currently trading around $112,500 (approximately 145.16 million won), with key strike prices identified at $113,000 and $4,100.
Options expirations can trigger both a liquidity crunch and price volatility, so major derivatives desks are keeping a close eye on the market opening in November.
Even 17 years later, the Bitcoin white paper is still considered the "constitution" of the cryptocurrency industry. Even though the identity of its founder remains unknown, the fact that he designed the structure of digital finance solely through the power of ideas and code leaves a lasting impression on many. This idea, born in the midst of crisis, still embodies the fundamental spirit of blockchain.
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