Long-dormant Bitcoin wallets are still reawakening. Galaxy Research’s blockchain monitoring shows that at least four more old wallets moved funds between Aug. 29 and Sept. 4, transferring a combined 202.84 BTC worth roughly $15.73 million based on the figures cited in the report. One of those moves appears to offer a stronger clue than usual about what the owner may be doing next.
Four old wallets moved 202.84 BTC in total
The largest wallet in the batch held 146.06 BTC, or about $11.31 million. It had not been touched since November 2013, leaving the coins dormant for nearly 12.8 years. Using a cost basis near $595, the holding represented a gain of about 12,902%.
It was followed by a 40 BTC wallet worth around $3.09 million. That address had been inactive since November 2011. With an average cost of roughly $3, the position was up about 2,571,899%. Put another way, the holder appears to have turned about $120 worth of BTC into more than $3 million by holding for close to 15 years.
Two smaller wallets completed the group. One contained 10 BTC that had not moved since June 2011 and was worth about $777,000. The other held 6.78 BTC, last active in February 2011, with a reported value near $551,000.
Decrypt said the oldest 2011-era holdings carried extreme paper gains. The report said those wallets were up more than 2,000%, and in one case more than 500,000%, relative to their original cost.
Activity among decade-old coins has picked up this summer
This latest set of transfers adds to a trend that has gathered pace over the summer. Galaxy chart data shows that Bitcoin held for a decade or longer has been moving in 2026 at a rate rarely seen in recent years. In an earlier burst of activity, six wallets shifted roughly $40 million in BTC over a single 10-day stretch in August.
In most cases, though, an on-chain transfer does not settle the question of intent. A movement alone does not reveal whether the owner is selling, consolidating holdings, or moving assets into a new custody setup.
One transfer was tagged to Coinbase
This time, one wallet gave a clearer signal. Galaxy tagged the recipient of the 6.78 BTC transfer as Coinbase, indicating that the decade-old coins were sent to the exchange. The report notes that such transfers are usually associated more closely with a possible sale than with a simple relocation of funds.
Several wallets also carried “Noah Doe” tags
Several of the reawakened wallets also showed “Noah Doe” sender tags. Decrypt said the label refers to a New York lawsuit that seeks to have thousands of dormant addresses declared abandoned property. Wallets linked to that case and identified by name have been stirring regularly since a judge paused the proceedings in June.
Why so many early holders are moving coins now remains unclear. But each newly active wallet brings back the same question: whether Bitcoin once treated as lost supply is starting to return to circulation.
