Btcparser.com version one tracks more than 60,000 so-called ‘sleeping bitcoin’ wallets, commonly referred to as dormant holdings. The addresses followed by the platform originate from wallets specifically created between 2009 and 2017. In contrast with 2024, no wallets from 2009 logged spending, 2010-era wallets posted fewer movements, and 2011 wallets accounted for a cascade of distributions.
Indeed, the most striking activity unfolded in July, when a small cluster of wallets created in 2011 transferred more than 80,000 BTC, turning the month into a clear outlier and representing roughly two-thirds of all dormant-address spending logged in 2025. It has since emerged that the movement stemmed from a single early adopter who worked with Galaxy Digital to offload holdings once valued at $9 billion but now worth just over $7 billion.
A Year of Reawakened Bitcoin Supply
Our 2025 analysis draws from monthly Btcparser records that track bitcoin spent by addresses that had remained inactive since their creation date. These dormant addresses, by definition, had never previously moved funds until the moment they appeared in the dataset.
Across all 12 months of 2025, the parser identified 1,047 dormant wallets that became active, collectively spending nearly 124,000 BTC. Monthly totals varied widely, with most months recording between 1,500 BTC and 6,000 BTC in dormant-address spending, excluding July’s extraordinary spike.
January opened the year with 3,412.52 BTC spent by 88 dormant addresses, while February saw lower activity, with 1,549.41 BTC spent across 66 wallets. March followed with 2,145.06 BTC spent by 67 addresses, continuing a relatively steady first-quarter pattern.
Midyear Acceleration Culminates in July Spike
Activity picked up in April and May, with dormant wallets spending 4,681.14 BTC and 5,798.34 BTC, respectively. April recorded 100 reactivated wallets, while May saw 93 addresses wake up, with much of the spending originating from wallets created between 2013 and 2015.
June marked a brief slowdown, with 1,671.45 BTC spent by 43 dormant addresses. That lull was followed by July’s unprecedented surge, when dormant wallets created between 2010 through 2017 spent 83,865.75 BTC—more than the previous six months combined.
Just 13 wallets created in 2011 accounted for over 80,056 BTC spent in July alone. Several of these wallets moved amounts in the range of 10,000 BTC each, dramatically skewing the annual distribution. What is known is limited: a single entity repositioned roughly 80,000 BTC originating from these 2011-era wallets, and Galaxy facilitated the sale.
Early-Era Wallets Dominate Spending Totals
Throughout 2025, wallets created between 2011 and 2014 consistently represented the largest share of dormant-address spending. While later cohorts—such as wallets created in 2016 and 2017—contributed regularly to monthly totals, their individual transfer sizes were typically smaller.
A handful of wallets from 2010 and 2012 also stood out during the year. In February, a wallet created in 2010 spent a single coinbase reward, while July included five wallets from 2010 that collectively moved five coinbase rewards worth 250 BTC. December included two Casascius-era physical bitcoin wallets that moved exactly 2,000 BTC through the redemption of the underlying digital assets.
What 2025 would look like for dormant bitcoin spends if that 1 entity that spent just over 80,000 BTC was removed.
These isolated but large transfers point to how concentrated dormant supply remains among early bitcoin adopters, even as newer wallets participate in reactivation events.
Post-July Activity Returns to Typical Ranges
Following July’s exceptional activity, dormant-address spending returned to more familiar levels. August recorded 9,062.74 BTC spent by 157 wallets, the highest number of reactivated addresses for any month in 2025.
September through November, each logged between 2,500 BTC and 2,800 BTC in spending, with 60 to 98 dormant addresses becoming active per month. October’s activity was notable for its relatively even distribution across creation years, including wallets from 2016 and 2017.
December closed the year with 3,607.62 BTC spent by 60 dormant wallets. The final month included significant transfers from early cohorts, including the two Casascius redemptions.
Also read: Can Bitcoin Reclaim $100K by the End of January? 8 AI Chatbots Offer Starkly Different Predictions
Cohort Patterns Reveal Uneven Influence
While hundreds of dormant wallets woke up throughout the year, spending patterns were highly uneven. In many months, dozens of wallets collectively contributed modest amounts, while a single early-era wallet accounted for a disproportionate share of total BTC spent.
The July data illustrates this imbalance most clearly, but similar dynamics appeared throughout the year whenever wallets created between 2010 and 2012 became active. Even infrequent reactivations from these cohorts materially altered monthly totals.
Long-Dormant Supply Remains a Market Factor
The data collected from last year confirms that a substantial portion of bitcoin’s long-dormant supply remains intact—and capable of influencing onchain activity when it moves. Although the number of reactivated wallets was spread fairly evenly throughout the year, spending volumes were largely driven by a small subset of legacy addresses.
As bitcoin continues to age, these early wallets represent a unique category of supply: rarely active, highly concentrated, and capable of reshaping monthly metrics when they reappear.
The findings highlight that even after more than a decade, early-era bitcoin holders retain significant influence over onchain spending patterns, particularly during periods when dormant supply reenters circulation.
- What is a dormant bitcoin address?
A dormant bitcoin address is a wallet that had never spent funds since its creation until it became active again. - How much bitcoin did dormant wallets spend in 2025?
Dormant wallets spent a combined 123,852.58 BTC during the year. - Which month had the highest dormant bitcoin spending?
July recorded the highest total, with 83,865.75 BTC spent. - Which wallet creation years dominated spending?
Wallets created between 2011 and 2014 accounted for the largest share of dormant-address spending.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
