Six Bitcoin wallets that had remained untouched for roughly a decade transferred around $40 million worth of BTC this month, although the broader movement of dormant coins remains relatively weak, according to Galaxy Research.

Bitcoin addresses created during the cryptocurrency’s early years continue to occasionally show signs of activity after spending years without moving funds.

Galaxy data shows that six wallets last active between 2011 and 2014 moved a combined 553.59 BTC, worth about $40 million, from Aug. 16 to Aug. 26. One address had been inactive for more than 15 years before becoming active again.

The reappearance of such old wallets can often lead to speculation that early Bitcoin holders are preparing to sell their long-held assets.

However, recent activity does not appear to represent a wider wave of dormant Bitcoin entering the market. Alex Thorn, Galaxy Digital’s head of firmwide research, said the amount of dormant BTC moved during the second quarter fell to its lowest level since Q3 2022.

Galaxy defines dormant Bitcoin as coins that have remained at the same address for at least one year.

The decline comes after a sharp increase in activity during 2024 and 2025. Older Bitcoin moved during those years at levels comparable with the 2017 bull market, when early holders began shifting large portions of their holdings following a major price increase.

Galaxy referred to that period as a “great distribution” and estimates that 2026 could see less than half as much dormant Bitcoin movement as 2025.

Transfers Do Not Necessarily Signal Selling

Bitcoin changing addresses should not automatically be interpreted as a sale.

Onchain records reveal where BTC moves but generally cannot explain why the transfer occurred. Holders may move coins between their own wallets, send them to custodians, reorganize their holdings or sell them through an exchange.

Five of the six recently active wallets transferred their BTC to addresses without identifiable links to cryptocurrency exchanges.

The remaining wallet sent 40 BTC to Boerse Stuttgart Digital, a Germany-based crypto custody and trading provider.

Two wallets involved in the latest activity are connected to an ongoing New York lawsuit involving a pseudonymous plaintiff known as Noah Doe. The case concerns Bitcoin held across 39,069 dormant addresses and seeks control of those assets under the state’s lost-property laws.

The plaintiffs have sent small amounts of Bitcoin to the addresses along with legal notices embedded in blockchain transactions. They argue that the coins could potentially be treated as abandoned property if no one comes forward to prove ownership.

In June, CoinDesk reported that one address connected to the case moved 35.55 BTC after remaining dormant since March 2011. It was among the earliest known responses from an address included in the lawsuit.

Coldcard Issue Triggered a Different Wave

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

Glassnode data showed that approximately 210,000 BTC associated with long-term-holder addresses moved within a single week following the disclosure.

The flaw increased the risk that attackers could guess certain poorly generated wallet keys. Some Bitcoin holders responded by moving their funds into newly created wallets or regulated custody services, even if their own assets were not directly exposed.

Quantum Risk Remains a Potential Threat

Ancient Bitcoin addresses have also attracted attention because some have publicly exposed keys. Those coins could face additional risks if quantum computers eventually become powerful enough to break the cryptographic systems used by Bitcoin today.

Under such a scenario, attackers could potentially derive private keys from exposed public keys. CoinDesk estimated in April that approximately 6.9 million BTC could potentially be vulnerable if quantum computing reaches that level.

This has led some market observers to link movements from very old wallets to concerns about quantum security. Thorn has disputed that explanation, however.

In July, he said none of the major Bitcoin holders his firm works with had cited quantum computing as a reason for selling. He added that some institutional investors had instead identified quantum risk as a reason for staying away from Bitcoin purchases.

The latest transfers are notable for the age of the wallets and the value involved, but they do not currently point to a broad exit by Bitcoin’s earliest holders. Galaxy’s data instead shows that dormant-coin activity in 2026 remains well below the unusually high levels recorded in 2024 and 2025.