More than 5,000 Bitcoin from wallets untouched for years moved in May, including a 15.8-year-old address, as long-term holders began cashing out.
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165 dormant Bitcoin wallets move 5,073 BTC as old supply returns to circulation
165 dormant Bitcoin wallets moved 5,073 BTC in May 2026, including one address untouched since August 2010, as early miners and long-term holders monetized positions accumulated at fractions of today's prices.
"Not suspected of being Satoshi's coins though," Alex Thorn, head of firmwide research at Galaxy, said on X after the firm flagged a 20 BTC transfer from a wallet dormant for 15.8 years at block 951828 on May 31.
The 5,073 BTC moved across wallets created between 2011 and 2017, with the 2014 cohort leading at 1,885 BTC across 45 transfers, according to data from btcparser.com. Wallets from 2016 were the most active by count with 64 transfers totaling 1,219.76 BTC. The activity extended into June, with a wallet created Jan. 4, 2014, moving 109.86 BTC at block 951983 on June 1.
Bitcoin was trading at $71,800 as of 9:20 a.m. ET on June 1, down 2.8 percent in 24 hours, as the dormant-coin movement coincided with a broader selloff. Bitcoin spot ETFs posted their longest outflow streak since launching in January 2024, shedding $2.43 billion in May with 10 consecutive trading days of withdrawals through May 29, according to sosovalue.com data.
Old Wallets, Big Gains
The 20 BTC moved from the 2010-era wallet was worth roughly $1.47 million at current prices. When that address last received coins on Aug. 20, 2010, Bitcoin traded at $0.07 per coin — a return of more than 1 million percent. Galaxy distinguishes likely Satoshi clusters from other early wallets through on-chain heuristics, and the 20 BTC amount did not match those profiles, Thorn said.
For the 2014 cohort, buyers who accumulated near the $300 to $600 range saw each Bitcoin worth approximately 120 to 240 times their entry price. The 45 wallets from that year moved 1,885 BTC, worth more than $135 million at current prices. Five wallets from 2011 moved a combined 160 BTC, worth roughly $11.5 million.
ETF Bleed Adds to Pressure
The dormant-wallet awakening comes as institutional demand for Bitcoin exposure weakens. Spot Bitcoin ETFs lost $2.43 billion in May, with the 10-day outflow streak ending May 29 marking the worst run since the products launched, according to sosovalue.com. An unknown entity sold $1.29 billion of BlackRock's spot Bitcoin ETF in a single dark pool trade on May 26, according to data cited by on-chain analyst Intangible Coins.
The 5,073 BTC moved in May represents about $364 million at current prices — a fraction of Bitcoin's roughly $16.3 billion in daily spot volume. Similar Satoshi-era miner movements surfaced repeatedly through 2025 and 2026 without triggering market panic. An 80,000 BTC whale movement earlier this year sent coins to exchanges without causing a selloff, according to Galaxy data.
Whether the anonymous holders sold, consolidated, or rotated to modern address formats remains unclear. The answer surfaces only if the coins reach an exchange. The transfers add to a broader long-term holder redistribution trend defining Bitcoin's 2026 cycle, where coins accumulated in the earliest years are slowly returning to circulation as prices remain elevated relative to historical cost bases.
This article is for informational purposes only and does not constitute investment advice.
