Latest data from Galaxy Research shows that bitcoins held for over 10 years without movement are now being transferred more frequently. Although the year is not yet over, the activity level of these long-held coins in this year’s annual statistics has already surpassed that of most previous years.
Multiple transfers from old wallets in late August
According to Galaxy data, between August 16 and 26, six wallets that had been inactive since 2011, 2012, and 2014 collectively transferred 553.59 BTC, estimated at approximately $40.15 million based on the price mentioned in the article.
Among these transactions, a wallet that had been inactive since August 2012 transferred 212 BTC, valued at approximately $13.66 million. Another wallet that had been dormant since June 2011 moved 10.74 BTC, equivalent to about $692,000. Additionally, a transfer of 40 BTC—whose assets had last been moved in May 2012—was sent to the German custodial bank Boerse Stuttgart Digital.
On-chain activity does not necessarily equate to selling.
These transfers of old coins attract attention because very few of the early Bitcoin holders still control their private keys. Each time an old wallet is reactivated, the market views it as a potential signal of new circulating supply entering the market.
However, on-chain data alone typically cannot determine whether these bitcoins have been sold; they may simply have been transferred to a different custodian, moved to a professional institution, or consolidated into a single address. The report notes that recent fund flows have increasingly favored professional infrastructure rather than direct entry into public markets.
Two events may drive the movement of old coins.
- Some wallets are labeled "Salomon Client Dusted," related to a lawsuit in New York.
- The case attempts to classify approximately 39,000 long-dormant addresses as abandoned property.
- Since the judge paused the case in June, the wallets named in the case have been moving more frequently.
Additionally, the Coldcard hardware wallet vulnerability incident may also have an impact. Reports indicate that approximately 233,000 BTC were transferred out of long-term holding wallets following the incident, with some holders switching to new storage solutions due to security concerns.
Bitcoin faces short-term pressure, but ETF funds continue to flow in.
As old coins show movement, Bitcoin market volatility increases. Reports indicate that Bitcoin fell to $76,877 on Friday, giving back a significant portion of its gains from the previous week.
One of the triggers was a hawkish remark by Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium, stating that the pace of inflation decline remains insufficient. According to CME FedWatch data, market expectations for a rate hike in September rose from 35% the previous day to approximately 56%.
However, medium-term funding conditions remain supported. As of last Wednesday, U.S. spot Bitcoin ETFs have recorded net inflows for eight consecutive trading days, totaling $2.8 billion—the longest streak of inflows since April. The report also noted that traders on the prediction market Myriad still favor Bitcoin rising further toward $84,000 rather than retracing to $55,000.