Long-Dormant Bitcoin Wallets Stir as $15M Moves Overnight
A recent wave of activity has seen long-dormant Bitcoin wallets move over $15 million in value. 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, turning roughly $120 into about $3.09 million after nearly 15 years.
Galaxy Research tagged one transfer with a Coinbase recipient attribution, indicating potential plans to sell. However, the company notes that moving coins alone does not prove liquidation, and other reasons such as custody changes or wallet consolidation could be behind these transfers.