Bitcoin (BTC), the largest cryptocurrency by market capitalization, has fallen roughly 2% over the past week, keeping traders cautious as broader macroeconomic uncertainty and the delayed U.S. CLARITY Act weigh on sentiment.
Bitcoin’s recent weakness is now being accompanied by an unusual burst of activity from long-dormant holders, with four wallets inactive for more than 12 years transferring a combined 114.39 BTC within 48 hours, according to Galaxy Research.
The activity intensified on August 11, when three wallets created in January and February 2014 transferred a combined 87.43 BTC in separate transactions. The addresses moved 27.85 BTC, 26.81 BTC, and 32.77 BTC, worth approximately $5.58 million at the time.
A fourth wallet from the same period had transferred 26.96 BTC a day earlier, accounting for the remaining amount. The coins were subsequently sent to newer wallets using P2SH-based scripts. While this could reflect a change in custody or security arrangements, it also raises the possibility that the holders may eventually move or sell their Bitcoin.
Notably, Bitcoin was trading at an average price of roughly $814 when these wallets accumulated their holdings in early 2014. At current levels, the coins represent gains of roughly 8,000%.
 
However, the transfers themselves do not confirm that the whales are preparing to sell. Bitcoin can be moved between wallets for several reasons, including custody changes, security upgrades, or preparations for future transactions.
Dormant coins returning to circulation can draw scrutiny because early holders are sitting on enormous unrealized gains. However, while there is no evidence that the latest transfers signal coordinated selling, a broader wave of ancient wallets moving BTC toward exchanges could increase available supply and put additional pressure on the market, especially as Bitcoin remains vulnerable to sharp price swings.
Earlier this year, Mt. Gox moved Bitcoin after a long period of inactivity, prompting fresh speculation about potential selling. The collapsed exchange still holds billions of dollars worth of BTC tied to former users, meaning any major movement can quickly put future supply back in the spotlight.
At press time, BTC was trading at $63,030, down 0.26% over the past 24 hours.
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