Dormant Bitcoin Wallets Move 20,000 BTC Worth $2 Billion After 14 Years

The Bitcoin community is abuzz with the recent movement of two dormant wallets that had been inactive for 14 years. These wallets transferred a total of 20,000 BTC, valued at over $2 billion, sparking speculation and concern among market participants. The wallets, which acquired their Bitcoin when the price was around 78 cents, are now sitting on an approximately 140,000-fold return on their initial investment. This significant gain has naturally led to speculation about potential profit-taking, which could exert downward pressure on the market.

Blockchain trackers were the first to flag the transfers, noting that each wallet contained 10,000 BTC. The activation of long-dormant wallets has become a rare but closely watched event in the crypto space, given the potential for large-scale sell-offs and their market impact. The movement of older bitcoin is not just a one-off phenomenon this year. Data shows that 62,800 BTC that had remained unmoved for more than seven years was activated between January and March 2025. That marks a 121% increase from the 28,000 BTC moved during the same period in 2024. The reason for this uptick remains uncertain, though analysts point to the sharp rise in bitcoin’s value and the surge in institutional interest following the launch of US-regulated spot bitcoin ETFs as possible drivers. Bitcoin’s price has climbed 16% so far this year and set a new record above $110,000 in May.

However, the funds were transferred to new, non-exchange addresses, which have since remained inactive. This suggests that the transfers may have been for security upgrades, inheritance planning, or splitting funds, rather than an immediate prelude to a sale on the open market. Nevertheless, the market remains on high alert, as the potential for this massive supply to hit exchanges looms over the current price structure. The mystery surrounding the identities and intentions of the dormant wallet holders remains intact. There has been no indication that the recent transfers are part of a planned sale.

Caroline Bowler, CEO of a Melbourne-based company, said the action is consistent with early bitcoin adopters who embraced a “HODL” — hold on for dear life — strategy during the volatile early years of crypto. “What is remarkable is the amount of self-control that it would have taken through all these market cycles to sit on it for that long,” Bowler said. Bowler noted that if the owners do intend to sell, doing so in a single trade could destabilize the market. However, she expects that any sales would likely occur through over-the-counter (OTC) channels, spread out over time to minimize market disruption. Bowler said there are a number of “dormant wallets out there with significant holdings of bitcoin that are unlikely to ever be activated because people have lost the access to it. And that’s what makes it particularly of interest within the bitcoin community when you see one of these things like back up again.”

For now, the wallet holders appear to remain long-term believers in bitcoin’s potential. But with BTC sitting at all-time highs and high-profile forecasts making the rounds, many are watching for signs of a shift. Tom Lee, head of research at a global advisory firm, recently reiterated his bullish stance, forecasting that bitcoin could reach $250,000 by the end of 2025 in a best-case scenario. His base case remains at $150,000. Lee said in an interview last month that with “95% of the world still not owning bitcoin,” the supply-demand imbalance leaves significant upside. The sudden reawakening of long-dormant whales could signal rising conviction, nervousness, or just a quiet reshuffling. Either way, in a market as sentiment-sensitive as crypto, the ripples are being felt far and wide.