This week, onchain analysts have been tracking the whale that moved more than 80,000 BTC to Galaxy Digital, after first stirring those early coins on July 4. Meanwhile, at the same time, a wave of long-dormant wallets has sprung to life, shifting aged coins that hadn’t budged in years.

For example, on July 12, a wallet created on Sept. 1, 2016—back when BTC was just $572—moved 22.42 BTC, now worth $2.65 million. That was soon followed by a transaction confirmed at block 905278, when another wallet born on Jan. 28, 2016, transferred 166.80 BTC valued at $19.72 million.

Just two days later, an address created on Oct. 13, 2016, relocated 214.54 BTC, worth $25.37 million at current rates. After that, four separate 25 BTC transfers popped up, all linked to wallets first set up in February and March 2013. Sprinkled between those were a few more blasts from the past—including one transfer of 16.89 BTC from a 2011 wallet, marking its first movement in over 14 years.

Yesterday added to the action when a wallet created on July 11, 2017, moved 173.81 BTC, now valued at $20.55 million. With the 80,000 BTC transaction from the 2011 whale and the flurry of other long-idle wallets coming alive, July 2025 is shaping up to be one of the busiest months for sleeping bitcoin activity in recent memory.

The resurgence of dormant bitcoin movements suggests a strategic shift among early adopters, possibly capitalizing on sustained high valuations. The redistribution of vintage bitcoin to institutional entities like Galaxy Digital signals a transfer of wealth from early adopters to new market participants, reshaping ownership dynamics.

As dormant bitcoins enter circulation, fresh capital flows through exchanges and custodians, empowering institutional and retail investors alike. This gradual shift may stabilize long-term supply while fostering broader adoption, bridging bitcoin’s past and future holders in a maturing financial landscape.

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