Ancient Bitcoin wallets move over $100 million after years of inactivity

Historic wallet springs to life

A previously inactive Bitcoin wallet that had not seen movement since May 2011 recently transferred a total of 20.43 BTC in two transactions, as reported by blockchain analytics firm Galaxy Research. At the time of the transactions on September 29, the Bitcoin holdings were valued at nearly $1.7 million.

For the first batch of 10.33 BTC, Galaxy Research estimated an average acquisition price of just $4 per Bitcoin, resulting in a gain of about $872,000—a return of more than 2,192,000%. The remaining 10.10 BTC were acquired at an even lower basis, around $3 each, further boosting the wallet’s cumulative gains.

The analytics firm attributed the two batches of coins to combined gains of approximately $1.724 million, but did not identify the sender or recipient behind the transactions.

Galaxy Research highlighted that the wallet owner secured an extraordinary return, moving funds acquired for just a few dollars into assets now worth over a million.

Surge in ‘ancient’ wallet activity

September saw a significant uptick in the activity of wallets that had remained untouched for years—some since the earliest days of Bitcoin. Galaxy Research observed several notable transactions during the month, including the transfer of coins from wallets inactive for anywhere between four and sixteen years.

On September 5, a remarkable event involved 12 different wallets, each holding 50 BTC, moving a combined total of 600 BTC after more than sixteen years without activity. These coins originated from mining rewards issued in March 2010, linking them to one of Bitcoin’s earliest periods. At the time of transfer, the collective value of the coins was about $48 million, and all holdings were directed to newer, previously unidentified Bitcoin addresses.

Despite the coins’ early provenance, blockchain investigators found no clear evidence associating the transactions with Bitcoin’s creator, Satoshi Nakamoto.

Within the first five days of September alone, about 626.74 BTC emerged from long-dormant wallets, including eight 2013-era addresses each moving 25 BTC in less than half a minute. Galaxy Research also tracked four wallets, inactive for at least ten years, which moved a combined 1,971.03 BTC between September 6 and September 22.

Throughout the month, even older wallets became active. An address that had been dormant since March 2011 moved 10.25 BTC, while on September 19, another 2011 wallet transferred 100 BTC valued at about $8.09 million.

Three days later, a wallet unused since July 2012 shifted an additional 600 BTC, worth roughly $51.9 million, marking another of the month’s significant awakenings.

Throughout September, the reactivation of several old wallets collectively involved assets valued at more than $100 million, underscoring the scale of dormant Bitcoin now entering circulation after years of sleep.

Mini dictionary: Galaxy Research is a blockchain analytics and research division of Galaxy Digital, which provides data, insights, and in-depth reporting on digital asset markets and blockchain activity.