On July 31, five Bitcoin 
$78,680 miner wallets, dormant since April 2010, reemerged by moving a total of 250 BTC to two new SegWit addresses. At the time when they first received 50 BTC as a block reward, the price of Bitcoin was a mere $0.003. This reward, valued at just $0.15 back then, now amounts to an astonishing $29.6 million. Experts highlight that these transfers, coming after approximately 15.3 years of inactivity, serve as a significant indicator of how the long-dormant supply is being absorbed.
The Long Silence of Bitcoin Whales Comes to an End
For nearly fifteen years, these “OG” class miner wallets displayed no activity, offering amalgamated data without trace on the Blockchain. In-blockchain analysis platforms highlight the transition from old addresses starting with “1” to new SegWit addresses beginning with “bc1q.” For those unfamiliar, SegWit reduces error probability and enables enhanced features.
Analysts suggest that high price levels, storage security, and intergenerational wealth transfer are key motivations behind such unexpected transfers. Consequently, the transaction is seen more as an update to storage strategy rather than an action causing selling pressure.
Another crucial detail emerging post-transaction is the stark contrast between 2010’s mining costs and today. Back then, consumer CPUs consuming roughly 95 W could mine a block in a few hours on the Bitcoin network. At that time, the US residential electricity price was around 11.5 cents per KW. Simple calculations reveal that electricity costs for a successful block were measured in mere cents. This underscores the vast gap between the production cost and the current value of the 50 BTC reward equating to millions today.
Limited Market Impact of Large Supply Movements
Throughout July, movements from similar old wallets on the Bitcoin network have been closely monitored, as the price of the largest cryptocurrency approaches its all-time high. Analysis platforms like Arkham, Lookonchain, and Spotonchain report that the transferred amounts have not influenced market psychology, given that the size of liquidity pools comfortably absorbs these offers. Meanwhile, some analysts emphasize that growing demand for Ethereum (ETH) 
$2,316 has increased investor diversification, limiting pullbacks from singular large supply events.
Recent data show that Bitcoin has increased by 27% since the beginning of the year and is currently trading around $118,000. Presently, the price is just 4% below its all-time high recorded at $122,838.
The rise is driven primarily by increased institutional purchases, the relocation of long-term investors, and greater diversification in investor portfolios. Thus, even a crypto supply older than a decade falls short of exerting downward pressure on price.
