Wallets holding Bitcoin untouched for a decade or more are moving at an unusual pace in 2026, according to Galaxy Research. Six wallets dormant since 2011, 2012, and 2014 shifted a combined 553.59 BTC (~$40.15 million) between Aug. 16 and 26, as the broader market absorbs a hawkish Jackson Hole speech from Fed Chair Kevin Warsh.
Six wallets dormant since 2011, 2012, and 2014 moved a combined 553.59 BTC, worth roughly $40.15 million, between Aug. 16 and Aug. 26. Galaxy Research says the network's oldest coins, those dormant a decade or more, are stirring at a pace rarely seen this early in a calendar year.
Ancient wallets resurface
A chart Galaxy published last week tracks how much Bitcoin from each vintage "woke up" every year since 2012. Because 2026 is only part way through, the firm cross-hatched this year's bar to flag it as incomplete, yet the oldest cohort already registers more prominently than in most prior years.
One address moved 212 BTC, about $13.66 million, untouched since August 2012, a roughly 557,640% gain on a cost basis near $12. Another shifted 10.74 BTC, around $692,000, dormant since June 2011. The most lucrative of the batch, 40 BTC last held in May 2012, landed at German custody bank Boerse Stuttgart Digital for a 1,535,911% gain.
Movements this old draw scrutiny because so few holders from Bitcoin's earliest days still control their keys, making each awakening a potential signal of long-dormant supply returning to circulation. Whether the coins are being sold, moved to new custody, or consolidated is rarely clear from the chain alone. In most recent cases, though, the funds have flowed toward professional infrastructure rather than the open market.
Two forces behind the flurry
Several of the reawakened wallets carry a "Salomon Client Dusted" tag tied to the Noah Doe case, a New York lawsuit seeking to have roughly 39,069 dormant addresses declared abandoned property. Named wallets have been stirring regularly since a judge paused the case in June. Separately, around 233,000 BTC left long-term wallets during the Coldcard hardware-wallet exploit, as spooked holders rushed funds to safer setups.
A choppy market backdrop
The awakenings land during a choppy stretch for Bitcoin, which fell as low as $76,877 on Friday, surrendering much of a double-digit weekly gain after Fed Chair Kevin Warsh used his first Jackson Hole keynote to warn inflation isn't cooling fast enough. According to Warsh, the central bank still has "work to do."
Traders read the remarks as hawkish, and odds of a September rate hike jumped to about 56% from 35% a day earlier, according to CME's FedWatch tool. Still, the longer-term backdrop remains supportive: U.S. spot Bitcoin ETFs drew $2.8 billion over eight straight days through Wednesday, their longest inflow streak since April, and Myriad prediction-market traders continue to favor a run toward $84,000 over a slide to $55,000.
Source: Decrypt
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