Dormant Bitcoin Wallets Move $40M After a Decade, With Little Sent to Exchanges

Six Bitcoin wallets that had remained inactive for roughly a decade moved a combined $40 million worth of BTC this month, but Galaxy Research data suggests broader dormant-coin activity remains subdued.

Bitcoin addresses that have sat untouched since the cryptocurrency was worth only a few dollars continue to occasionally become active.

According to data tracked by Galaxy Research, six wallets last active between 2011 and 2014 transferred a total of 553.59 BTC, valued at around $40 million, between Aug. 16 and Aug. 26. One of those wallets had been inactive for more than 15 years.

The reactivation of wallets from Bitcoin’s early years can often trigger speculation that longtime holders are preparing to sell their holdings.

However, the broader movement of dormant Bitcoin has slowed considerably. Alex Thorn, head of firmwide research at Galaxy Digital, said the amount of dormant BTC moved onchain during the second quarter fell to its lowest level since Q3 2022. Galaxy defines a coin as dormant when it has remained at the same address for at least one year.

The decline comes after two particularly active years. Bitcoin held in older addresses moved in 2024 and 2025 at levels seen only previously during the 2017 bull market, when early investors began transferring or spending large holdings after prices rose sharply.

Galaxy characterized that period as a period of “great distribution” and estimates that 2026 is currently on track to record less than half the amount of dormant Bitcoin movement seen last year.

Moving Bitcoin Does Not Always Mean Selling

An onchain transfer alone does not prove that a Bitcoin holder is selling. The blockchain records coins moving between addresses but generally cannot reveal whether the owner sold the BTC, transferred it to another personal wallet, placed it with a custodian or simply reorganized their holdings.

In this month’s activity, five of the six decade-old wallets transferred their Bitcoin to addresses with no identifiable connections to cryptocurrency exchanges. The remaining wallet sent 40 BTC to Boerse Stuttgart Digital, a German provider of crypto custody and trading services.

Two of the six wallets are also associated with a legal dispute in New York. A pseudonymous plaintiff known as Noah Doe is seeking control over Bitcoin held across 39,069 dormant addresses under the state’s lost-property laws.

As part of the case, the plaintiffs sent small amounts of Bitcoin to the addresses along with blockchain-based legal notices. They argue that the assets could potentially be considered abandoned if no owner comes forward to establish control.

CoinDesk reported in June that one address involved in the lawsuit transferred 35.55 BTC after remaining inactive since March 2011. It was among the first known movements from a wallet targeted by the legal action.

Coldcard Incident Triggers Separate Wave of Movement

Another major source of old-wallet activity emerged after a vulnerability affecting certain Coldcard hardware wallets was disclosed in late July.

Around 210,000 BTC held in wallets classified by Glassnode as long-term-holder addresses moved within a single week. The vulnerability increased the risk that attackers could guess inadequately generated wallet keys, prompting some users to transfer their Bitcoin to new addresses or regulated custodians even when their own holdings were not directly affected.

Quantum Risk Remains a Concern

Older Bitcoin wallets can also attract attention because addresses with previously exposed public keys could eventually face greater risks from sufficiently advanced quantum computers.

If quantum machines become powerful enough to break the mathematics underlying current digital signatures, Bitcoin held in addresses with exposed public keys could potentially become vulnerable. CoinDesk reported in April that around 6.9 million BTC could fall into this category under such a scenario.

That possibility has made quantum computing an increasingly common explanation whenever very old Bitcoin suddenly moves. However, Galaxy’s Thorn has argued against assuming that quantum concerns are driving these transactions.

Thorn said in July that the whales his firm works with had not cited quantum computing as a reason for selling. He added that some institutional investors have mentioned quantum risks as a reason for avoiding Bitcoin purchases.

For now, the movement of a handful of decade-old wallets appears notable, but it does not necessarily signal a broader wave of early Bitcoin holders exiting their positions. Galaxy’s data instead points to historically low levels of dormant-coin activity in 2026.

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