Bitcoin wallets untouched for 10 years moved $40 million. Most avoided exchanges
Six dormant Bitcoin wallets that had been inactive for over a decade recently moved approximately $40 million worth of cryptocurrency. While such movements often spark fears of a market sell-off, most of the funds were moved to private addresses rather than exchanges.
Why it matters
Large movements of 'ancient' Bitcoin are closely monitored by investors as they can signal potential market volatility or the liquidation of early holdings by long-term investors.
Six wallets last active between 2011 and 2014 moved a combined 553.59 BTC worth about $40 million between Aug. 16 and Aug. 26, according to data tracked by Galaxy Research. One had not moved a coin in more than 15 years.
Moves like these often revive fears that bitcoin's earliest holders are finally cashing out.
However, the amount of dormant bitcoin moving onchain fell in the second quarter to its lowest level since the third quarter of 2022, according to Alex Thorn, head of firmwide research at Galaxy Digital. Galaxy counts a coin as dormant when it has remained at the same address for at least a year.
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