A Bitcoin wallet that had remained inactive for more than 14 years transferred 600 BTC, valued at approximately $51.9 million, on Tuesday, according to Galaxy Research.
Decade-old wallets awaken
This transfer brings the total sum of decade-old bitcoins that have been moved over the past two weeks to 1,971 BTC across four different wallets. These previously dormant coins represent roughly $161 million at current market values.
On-chain records show that the wallet at address 1K6vURxUuK6uUCeXxk31PCyDahAu1raunh received its BTC on July 14, 2012. No movement occurred for 14.2 years until it executed a transaction in block 968116 earlier this week.
Galaxy Research noted a realized profit of $48.71 million on this transaction, flagged at 07:22 UTC on Tuesday. At the time, Bitcoin’s price was $85,252.28, making the haul worth $51.15 million. The network fee for the transaction was just 0.000057 BTC, and the coins were sent to a new address using several inputs ranging from 10 BTC to 200 BTC.
When the wallet was originally funded in 2012, Bitcoin’s closing price was $7.06, valuing 600 BTC at just $4,236. This highlights the substantial increase in Bitcoin’s value over the past decade. However, on-chain analysts caution that moving coins between addresses does not necessarily signal an outright sale.
Galaxy Research indicated that, “The realized profit stands at $48.71 million given the original acquisition when Bitcoin traded below $10.”
Multiple dormant wallets move large sums
From September 6 to September 22, a combined total of 1,971.03 BTC left four wallets that had been inactive for over a decade. The largest single transaction among these involved 1,260.78 BTC, estimated at $100.63 million, originally acquired around July 2016 at an average cost of $652 per coin. This suggests an approximate increase of 12,122% in value for that wallet alone. The coins acquired in 2012 show gains exceeding 1,000,000%.
Other cases include a wallet with 10.25 BTC, now about $883,000, untouched since March 2011, and another that moved 100 BTC valued at $8.09 million, dormant since November 2011. Additionally, between August 29 and September 4, six different wallets transferred $40 million worth of bitcoin, with 202.84 BTC moving during this period.
| Wallet Source | Year Last Active | Amount (BTC) | Current Value |
|---|---|---|---|
| 1K6vURxUuK6uUCeXxk31PCyDahAu1raunh | 2012 | 600 | $51.9 million |
| July 2016 Wallet | 2016 | 1,260.78 | $100.63 million |
| March 2011 Wallet | 2011 | 10.25 | $883,000 |
| November 2011 Wallet | 2011 | 100 | $8.09 million |
Overall, the 1,971 BTC moved in two weeks represent roughly 0.01% of the total circulating supply of about 19.8 million coins.
Legal links and market impact
On-chain analysis found that three of the four wallets involved have sender tags associated with “Noah Doe.” This includes a 100 BTC transaction from an address tagged “Noah Doe #3113” on September 19. These tags are connected to a case in the New York Supreme Court, where a pseudonymous plaintiff seeks to have 39,069 dormant wallets classified as abandoned property. Judge Kathy J. King has kept the proceedings paused since early June.
One of the recent six-wallet transfers included a 6.78 BTC move tagged to Coinbase, a prominent US-based cryptocurrency exchange.
Alex Thorn, Head of Research at Galaxy Digital, commented in July that the rate of dormant Bitcoin being moved in the second quarter was at its lowest since Q3 2022. Current data indicate that 2026 is on pace for less than half the dormant coin activity seen in 2025.
Mini dictionary: Galaxy Digital is a financial services and investment management firm specializing in digital assets, cryptocurrencies, and blockchain technology, offering research, trading, asset management, and advisory services globally.
Historical on-chain data reveal that, “In two weeks, only 0.01% of Bitcoin’s circulating supply has reactivated from dormant wallets, pointing to limited market impact despite high value transfers.”
