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Following
BTC Bitcoin wallets that have been dormant for many years are once again active, and some are suspected to be preparing to sell.
Recently, the trend of reactivation of long-dormant Bitcoin wallets has not slowed down. According to Galaxy Research's on-chain monitoring data, at least four batches of ancient addresses have "awakened" in recent days, and the address movement of one batch clearly points to a transaction to sell.
data shows that these awakened wallets transferred a total of 202.84 bitcoins from August 29 to September 4, which is approximately US$15.73 million based on the current market value.
Huge gains attract attention
In this operation, the largest transfer involved 146.06 bitcoins (approximately US$11.31 million). This address has not been operated on since November 2013, and has been dormant for nearly 12.8 years. If calculated at a cost price of approximately US$595, its book yield is as high as approximately 12,902%.
This is followed by an address holding 40 bitcoins, which has been dormant since November 2011 and is currently worth approximately $3.09 million. Compared to the initial investment, which cost an average of about $3, the return on this position reached a staggering 2,571,899%. This means that this patient holder converted his initial Bitcoin investment of approximately US$120 into assets of more than US$3 million through just nearly 15 years of holding.
In addition, two smaller transfers completed the operation: one for 10 bitcoins, which has not been moved since June 2011 and valued at approximately $777,000; and the other for 6.78 bitcoins, which was last active in February 2011 and was valued at approximately $551,000. These oldest currencies have generated astronomical book surpluses, with positions increasing by more than 2,000% compared to original costs during 2011, and even exceeding 500,000%.
Trend acceleration and intention analysis
This series of follow-up activities continues the trend that has accelerated since the summer. The Galaxy chart shows that since 2026, the oldest batches of Bitcoin that have not been touched for more than a decade are re-active at an unusually high frequency. In a previous wave, six wallets moved about $40 million in just 10 days in August.
Typically, the meaning of such capital flows is vague, because a simple transfer does not clearly reveal whether the owner intends to sell, integrate assets, or transfer to a new custody platform. But this time, one of the addresses sent a clearer signal.
Galaxy marked the recipient of the transfer of 6.78 bitcoins as Coinbase. This suggests that these ten-year-old bitcoins were being sent to exchanges, a move that is usually associated with an intention to sell rather than a simple transfer of funds.
In addition, several reactivated wallets also carry the "Noah Doe" sender tag. It's a legal term for a lawsuit in New York State that seeks to identify thousands of dormant addresses as abandoned property. Since the judge suspended relevant proceedings in June, there has been frequent movements in named wallets related to the case.
Although it is unclear why so many early holders choose to move assets at this time, each "awakening" has triggered widespread discussion and speculation in the market about the re-entry of a large amount of lost supply into circulation.
