Six Bitcoin wallets that had been dormant for about a decade transferred roughly $40 million worth of BTC this month, although Galaxy Research data indicates that overall activity among long-inactive coins remains near its lowest levels in years.
Bitcoin addresses that have not moved funds since the asset traded for only a few dollars continue to occasionally come back to life.
Galaxy Research data shows that six wallets last active between 2011 and 2014 collectively moved 553.59 BTC, worth approximately $40 million, from Aug. 16 through Aug. 26. One of the addresses had remained inactive for more than 15 years.
The movement of coins from Bitcoin’s earliest years can spark speculation that original holders are preparing to realize profits or exit their positions.
Yet the broader trend tells a different story. Alex Thorn, Galaxy Digital’s head of firmwide research, said dormant Bitcoin movement during the second quarter dropped to its lowest point since the third quarter of 2022. Galaxy considers Bitcoin dormant when it has remained at the same address for at least 12 months.
The slowdown follows two exceptionally active years. Dormant Bitcoin moved throughout 2024 and 2025 at levels comparable only to the 2017 bull market, when early holders began transferring significant amounts of their accumulated coins as prices climbed.
Galaxy described that period as a “great distribution” and estimates that the amount of dormant Bitcoin moved in 2026 will likely be less than half of last year’s figure if current trends continue.
Wallet Activity Is Not Proof of Selling
A Bitcoin transfer does not automatically indicate that the coins have been sold. Blockchain data can show when BTC moves from one address to another, but it generally cannot identify the reason for the transfer.
Coins may have been sold, moved between wallets controlled by the same person, transferred to a custodian or simply reorganized for security purposes.
Of the six decade-old wallets active this month, five transferred their Bitcoin to addresses that have no known links to exchanges. The sixth sent 40 BTC to Boerse Stuttgart Digital, a German company providing crypto custody and trading services.
Two of the addresses are connected to a New York legal case involving a pseudonymous plaintiff known as Noah Doe. The lawsuit seeks control of Bitcoin stored across 39,069 dormant addresses under the state’s lost-property laws.
The plaintiffs have sent small Bitcoin transactions to the addresses along with legal notices recorded on the blockchain. They argue that the funds could potentially qualify as abandoned property if their owners fail to establish ownership.
In June, CoinDesk reported that one address included in the case transferred 35.55 BTC after sitting untouched since March 2011. The transaction represented one of the earliest known responses from an address targeted by the lawsuit.
Hardware Wallet Issue Causes Broader Movement
A separate wave of Bitcoin transfers occurred after a security flaw affecting certain Coldcard hardware wallets was disclosed in late July.
Glassnode data indicated that approximately 210,000 BTC held by addresses categorized as long-term holders moved within a single week. The vulnerability increased the possibility that attackers could guess weakly generated wallet keys.
As a result, some Bitcoin owners moved their holdings into newly generated wallets or regulated custody solutions, even though their individual funds were not necessarily exposed to the vulnerability.
Quantum Computing Adds Another Layer of Concern
Long-dormant Bitcoin can also attract attention because some older addresses have public keys that have already been exposed. Such addresses could eventually face greater security risks if quantum computers become capable of breaking the cryptographic mathematics behind today’s digital signatures.
CoinDesk reported in April that approximately 6.9 million BTC could potentially fall into this category if quantum computing reaches that level of capability.
As a result, quantum computing has become a popular theory whenever coins from extremely old wallets begin moving. Thorn, however, has questioned whether quantum concerns are actually responsible for these transfers.
In July, he said none of the major Bitcoin holders his firm works with had identified quantum computing as a reason for selling. He added that some institutional investors had instead cited potential quantum threats as a reason for choosing not to purchase Bitcoin.
The latest wallet movements are therefore notable because of the age and value of the coins involved, but they do not necessarily point to a major selling wave among Bitcoin’s earliest holders. Galaxy’s broader data suggests dormant Bitcoin activity remains relatively muted in 2026.
