Dormant Bitcoin Wallets Spring into Action

Six dormant Bitcoin wallets that were inactive between 2011 and 2014 have moved $40 million in total, according to CoinDesk. Between August 16th and 26th, these wallets collectively transferred 553.59 BTC ($77,701.00), valued at approximately $400 million.

Of the six wallets, five sent Bitcoin to addresses not associated with any known exchanges, while one wallet transferred 40 BTC to Boerse Stuttgart Digital in Germany.

This development comes as Galaxy Research reported that on-chain movement of dormant Bitcoins hit a record low in the second quarter of this year. Alex Thorn, head of research at Galaxy, noted that none of his large whale clients have cited quantum computing risks as a reason for selling Bitcoin, but some institutional investors are avoiding buying it due to these concerns.

This news follows a previous week's exodus of approximately 210,000 BTC from long-term holder wallets after a Coldcard hardware wallet vulnerability was disclosed.