Dormant Bitcoin Wallets Spring Back into Action

Millions of dollars' worth of Bitcoin are being moved after over a decade of dormancy. According to data from Galaxy Research, six wallets that were last active between 2011 and 2014 have moved around $40 million in the cryptocurrency since August 16th.

The movement has triggered concerns that early holders may be cashing out, but Alex Thorn, head of firmwide research at Galaxy Digital, notes that the amount of dormant Bitcoin moving on-chain declined during the second quarter to its lowest level since the third quarter of 2022.

This decline comes after two unusually busy years in 2024 and 2025 when older Bitcoin moved at levels seen only during the 2017 bull market. Galaxy has dubbed this period a 'great distribution.'