Decade-Old Bitcoin Wallets Spring Back to Life, Moving $40 Million

Bitcoin wallets untouched for over a decade have started moving significant amounts of cryptocurrency. According to Galaxy Research, six wallets that last saw activity between 2011 and 2014 moved a combined 553.59 BTC worth approximately $40 million between August 16th and 26th.

The largest single move was made by a wallet that had not been touched in over 15 years, with the sender moving 40 BTC to Boerse Stuttgart Digital, a German crypto custody and trading provider.

This has led to fears that early Bitcoin holders are finally cashing out, but Alex Thorn, head of firmwide research at Galaxy Digital, notes that the amount of dormant bitcoin moving onchain fell in the second quarter to its lowest level since the third quarter of 2022.