Bitcoin Dormant Wallets Stir Market with $15M Move, Some Turning $120 into $3M

A batch of long-dormant Bitcoin wallets has stirred up the market after moving over $15 million in recent days. According to Galaxy Research's blockchain monitoring, four wallets inactive for more than a decade transferred 202.84 BTC between Aug. 29 and Sept. 4. The largest move came first, with a 146.06 BTC stash worth about $11.31 million that had remained untouched since Nov. 2013.

This wallet showed a gain of about 12,902% from a cost basis near $595. Another wallet held 40 BTC bought at an average price near $3 in Nov. 2011 and turned roughly $120 into about $3.09 million after nearly 15 years.

Galaxy Research tagged the 6.78 BTC transaction with a Coinbase recipient attribution, which could indicate plans to sell the coins. However, moving coins alone does not prove that a liquidation has occurred, and there are several reasons why dormant Bitcoin can return to circulation.