Dormant Bitcoin Wallets Stir Activity with $40M in Transfers

Long-dormant Bitcoin wallets have been moving large sums of money in recent days, with six wallets transferring a combined total of $40.15 million worth of BTC between August 16 and August 26.

The largest transfer, which occurred on August 22, saw 150 BTC (worth approximately $11.75 million) move from an address that had been inactive since December 2014. This represents a gain of around 23,701% based on Bitcoin's price at the time it was first received.

Galaxy Research, which tracked the transactions, noted that five of the six transfers went to addresses without known exchange links, offering no on-chain evidence that the Bitcoin was sold. The final transaction sent 40 BTC (worth around $3.14 million) to an address labeled Boerse Stuttgart Digital, a German provider of crypto custody and trading infrastructure.

The transactions have sparked interest among observers, particularly in light of recent court proceedings involving dormant Bitcoin addresses. In July, a separate wallet transferred 5,908 BTC worth about $383 million after more than eight years without activity.