Bitcoin’s dormant supply is showing fresh signs of activity after another long-inactive wallet moved coins that had been untouched since 2011.
According to Galaxy Research, a wallet containing 10 BTC received on June 17, 2011, moved the coins on August 29 in block 964,539 after remaining dormant for roughly 15.2 years.
Galaxy estimated the coins were worth about $777,000 at the time of the transfer and represented a realized gain of roughly 503,364%.
A month of Bitcoin’s oldest coins awakening
On August 12, Galaxy reported that 85 BTC received in December 2012 had moved after approximately 13.6 years of dormancy. The coins were worth about $5.4 million at the time.
Five days later, another wallet moved 8.54 BTC that had been untouched since June 13, 2011. The 15.1-year-old coins were valued at approximately $538,000 and carried an estimated 461,981% gain.
On Aug. 18, two notable transactions were reported by Galaxy's research arm. One involved 10.74 BTC received in June 2011 that had remained untouched for 15.1 years. Galaxy estimated the holdings were worth roughly $692,000 (a gain of about 488,674%).
Another transaction that day involved 212 BTC received in August 2012. Those coins had been dormant for approximately 14 years and were worth around $13.66 million when they moved. Galaxy estimated a gain of roughly 557,640%.
A group of addresses then moved 132.31 BTC that had been untouched since July 2011 on Aug. 22. The coins were worth about $10.37 million, according to Galaxy, which estimated a realized gain of 629,068%.
On the same day, another wallet moved 150 BTC that had been dormant since December 2014. Galaxy valued the transfer at approximately $11.75 million.
An emerging trend
On August 28, more than 2,504 BTC that had last been active three to five years ago had moved on-chain.
Of course, it should be noted that the movement of dormant BTC does not necessarily mean that the coins have been sold. Bitcoin holders can move coins between their own addresses, transfer them to exchanges and so on.
Still, the remarkable activity associated with older coins is being closely watched by market participants following the latest BTC rally.
Arman Shirinyan
Dan Burgin
