The market for the first cryptocurrency has once again attracted the attention of analysts: between August 16 and 26, six bitcoin wallets that had held coins since 2011 to 2014 became active and transferred a total of 553.59 BTC. At the current exchange rate, this is equivalent to approximately $40 million. Such activity from "ancient" holders always raises questions about motivation and potential pressure on liquidity.
A detailed analysis of the transactions shows that five of the six addresses sent funds to wallets with no direct links to centralized exchanges. This may indicate OTC deals or transfers to custodial services, rather than an immediate sale on the open market. However, one of the transfers — 40 BTC — was recorded to the address of Boerse Stuttgart Digital, suggesting a partial exit into fiat through regulated European infrastructure.
Decline in "dormant" coin activity
Against the backdrop of these movements, a general trend is worth noting: according to Galaxy Research estimates, in the second quarter of this year, the activity of "dormant" bitcoins — those that have not moved for more than five years — fell to its lowest level since the third quarter of 2022. This means that long-term holders are becoming increasingly less inclined to move their assets, preferring to maintain positions even amid high volatility.
Moreover, in terms of the volume of such funds moved, this year is showing a twofold lag behind last year's figures. This dynamic indicates market consolidation and the strengthening of "diamond hands" among early investors, which historically is a bullish signal.
My view: The awakening of the 2011–2014 whales is a rare event, but its impact on the market should not be overestimated, given that most of the funds went to non-exchange addresses. This is more of a strategic redistribution than a panic sell-off. Combined with the record-low activity of old coins, the market is likely in an accumulation phase, which creates the groundwork for sustainable growth in the medium term.