Bitcoin News Today: Bitcoin Whales Move $29.6M in Dormant Holdings to SegWit Addresses

Following a 15-year dormancy, five early Bitcoin mining wallets have recently transferred a combined 250 BTC—valued at approximately $29.6 million—into two newly created "bc1q" addresses. This move, first reported by blockchain analysts on the X platform, marks a rare and significant on-chain event. The wallets in question were active in April 2010, receiving 50 BTC as block rewards during Bitcoin’s early mining era [1].

The transition to the "bc1q" address format, introduced with SegWit, suggests an effort to leverage more efficient transaction features. The wallets originally held BTC under the older "1" format, indicating a shift in management or strategy by the holder. Such movements are often interpreted as either profit-taking by long-term investors or a redistribution of assets to new custodians [1].

The 2010 mining context is strikingly different from today’s market. At the time, 50 BTC was valued at just 15 cents, and the block reward of 50 BTC remained unchanged until the 2012 halving. Mining costs were minimal, with early miners using low-power hardware and paying as little as a few cents in electricity to produce a block. Today, the same 250 BTC represents a substantial liquidity event, especially with Bitcoin trading near all-time highs [1].

This activity is part of a broader trend observed in July 2025, with multiple long-dormant whale wallets becoming active. One such example involved a wallet dormant since January 2011, which moved 450 BTC—worth approximately $53.42 million—over five days. The BTC was distributed across Coinbase and OTC market makers B2C2 and Wintermute, in what appears to be a deliberate attempt to manage price impact through smaller, staggered transfers [3].

Other notable transfers include 20,000 BTC—valued at $2 billion—moved from two 2011-era wallets on July 4, and a significant 14-year-old wallet moving a large amount on July 24. These patterns suggest a coordinated effort by early adopters to either reposition their holdings or realize gains as the market reaches key price levels [3].

The implications for the Bitcoin market are multifaceted. With increasing institutional demand, Bitcoin has risen over 27% in recent weeks to $118,480, just 4% below its all-time high. The activation of long-dormant wallets may introduce new supply into exchanges, potentially creating short-term volatility. Historical patterns indicate that whale movements often precede price corrections or sharp swings, depending on how the market absorbs the increased supply [3].

On-chain data from platforms like Arkham and Glassnode shows a net outflow from long-dormant addresses, reinforcing the view that this is not an isolated event but a broader shift in Bitcoin’s liquidity dynamics. Analysts highlight the importance of monitoring exchange inflows and wallet movements as key indicators of market sentiment.

With Bitcoin’s market cap exceeding $1.2 trillion, even minor whale movements can have a meaningful impact on price discovery and trading behavior. Traders are advised to keep a close watch on key support levels and volume spikes, as further activations could influence short-term price trends.

The cumulative effect of these transfers underscores the ongoing influence of early adopters and large holders in shaping Bitcoin’s price and liquidity. While some transactions may occur through over-the-counter channels to avoid direct market disruption, the broader implications for both retail and institutional trading strategies remain significant [3].

Sources:

[1] https://coinmarketcap.com/community/articles/688b62c823396a76e6026d11/