Bitcoin Dormant Wallets Holding $115M in BTC Make First Move in 13 Years

Two Bitcoin (BTC) wallets that had remained dormant for roughly 13 years have suddenly become active, moving a tiny amount of BTC from holdings worth approximately $115 million.

According to blockchain analytics platform Lookonchain, the wallets transferred 0.0005 BTC, worth around $43, as a test transaction after years of inactivity. The addresses collectively hold 1,346 BTC, making the movement notable despite the relatively insignificant amount transferred.

Notably, the wallets acquired the Bitcoin about 13 years ago for approximately $240,000, when BTC traded at an average price of just $178. At current valuations, the holdings represent a return of roughly 479 times the original investment.

The reactivation adds to a growing list of early Bitcoin wallets that have recently started moving coins accumulated when the cryptocurrency traded for only a few dollars.

Last week, another early Bitcoin wallet moved 20.43 BTC, worth about $1.7 million, after remaining inactive for nearly 15 years, according to a tweet by Galaxy Research.

Moreover, on September 5, twelve wallets containing 50 BTC each moved a combined 600 BTC. The coins were reportedly received as mining rewards in March 2010 and remained untouched for more than 16 years.

That said, the age of some of these wallets has triggered speculation about whether they could be connected to Bitcoin’s pseudonymous creator, Satoshi Nakamoto. Blockchain researchers, however, have found no evidence linking the 600 BTC movement to Satoshi.

The dormant-wallet activity comes as Bitcoin’s broader market attempts to strengthen its recovery.

CryptoQuant contributor “MAC-D” noted last Friday that Bitcoin’s 30-day apparent demand growth rate improved from negative 182,000 BTC to negative 101,000 BTC between September 24 and October 1.

However, demand has yet to turn decisively positive. The Coinbase Premium Index also remains negative, suggesting that buying pressure from US-based spot investors has not fully recovered.

“Bitcoin demand is currently in a recovery phase, but there’s still no confirmation of this from the United States,” MAC-D said.

The analyst added that a move in apparent demand into positive territory, combined with a recovery in the Coinbase premium, would better indicate that Bitcoin’s rally can continue.

Meanwhile, analyst Darkfost of the same firm pointed to improving spot-market activity. September trading volumes on Binance exceeded $50 billion, compared with $42 billion in July. Bybit recorded $19 billion, up from $14 billion, while Kraken’s volume rose to $8 billion from $4 billion.

For Bitcoin to reach new highs, Darkfost argued that spot volumes and demand need to accelerate.

At press time, Bitcoin was trading at $85,504, up 0.23% in the past 24 hours.