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Six long-dormant Bitcoin holdings tracked by Galaxy Research moved a combined 553.59 BTC worth about $40.15 million between August 16 and August 26. The holdings had remained inactive since 2011, 2012 or 2014, meaning the coins had not moved for roughly 12 to 15 years.
The transactions drew attention because of the age of the holdings, but the movements do not by themselves indicate that the Bitcoin was sold. Of the six transfers tracked by Galaxy, only one was sent to a destination with a known institutional attribution.
Six Dormant Holdings Move 553 BTC
The activity began on August 16 when 8.54 BTC moved from a wallet inactive since June 2011. Two days later, a wallet dormant since August 2012 transferred 212 BTC, while another 2011-era wallet moved 10.74 BTC.
Further transfers followed on August 22, including 150 BTC from a wallet inactive since December 2014 and 132.31 BTC from a group of addresses dating to 2011. The final tracked movement came on August 26, when 40 BTC worth about $3.14 million left an address that had been inactive since May 2012.
One Transfer Reaches Boerse Stuttgart Digital
Galaxy identified Boerse Stuttgart Digital as the recipient of the final 40 BTC transfer. The other five destination addresses were not linked to exchanges in the available tracking, leaving the purpose of those movements unclear. Galaxy Research has previously cautioned that onchain coin movements do not necessarily equate to moving coins to an exchange to sell.
Two Holdings Linked to Noah Doe Case
Galaxy tagged two of the tracked holdings as linked to addresses named in the Noah Doe case, a New York lawsuit seeking to claim dormant Bitcoin as abandoned property. That connection does not establish why the coins moved, and the owners of the other holdings remain unidentified.
The transfers add to recent activity involving older Bitcoin holdings, but their destinations provide limited evidence of immediate selling. Further onchain movements could show whether the coins remain in custody or are transferred to trading venues.
