Eight Bitcoin wallets created in 2011 have transferred their entire holdings, ending over 14 years of complete inactivity. Each wallet contained 10,000 BTC, adding up to a total of 80,000 BTC moved within a single day. At current market prices, this represents more than $8.8 billion in value.
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Details of the Transfers
On-chain data shows that these wallets were funded between April and May 2011, when Bitcoin was trading below $3. The coins were acquired either through mining or early purchases before Bitcoin’s mining ecosystem became industrialised.
The movements occurred in coordinated batches, with the first transfers spotted early morning New York time. The coins were sent to newer wallet formats, likely for improved security and efficiency. None of the transferred BTC has been moved to exchanges or sold so far.
Largest Ever Movement of Dormant Coins
Analysts note that this is the largest single-day movement of Bitcoin held dormant for over a decade. The previous record for such old coins moving in one day was 3,700 BTC. The scale of this transfer has raised questions about the identity and intentions of the owner.
Possible Owner Hypotheses
Some on-chain analysts have suggested the wallets may belong to an early miner who accumulated around 200,000 BTC before mining hardware became specialised. Others have speculated about known early adopters, including Roger Ver, given his long-standing involvement in Bitcoin before the 2017 fork into Bitcoin Cash. However, no conclusive evidence links these wallets to any specific individual.
If the wallets were linked to Roger Ver, the owner would also control the same number of BCH coins due to the 2017 fork. Another possibility is that these coins are being consolidated or moved as part of security upgrades or estate management planning.
Read also: Is Bitcoin Mining on Personal Devices Profitable in 2025?
Market Reaction
While large movements of dormant coins often trigger fears of imminent selling, there has been no sign that these funds are being prepared for liquidation. Bitcoin’s price dropped slightly following the news, though broader market factors may have also influenced this movement.
What’s Next?
These wallets were funded at a time when Bitcoin was still in its early experimental phase, and mining could be done with standard computer hardware. The transfer of such old holdings is rare and often closely monitored by analysts and investors due to potential market impacts.
For now, the coins remain in new wallets, and their future use remains unknown. Analysts continue to observe these addresses for any further movements that may indicate sales or additional restructuring.
