Bitcoin News Today: Bitcoin's 15-Year-Dormant Miner Wallets Reactivate Amid Market Volatility

July 31 marked a significant turning point in Bitcoin’s on-chain activity as five miner wallets from April 2010—dormant for over 15 years—suddenly moved 250 BTC, valued at nearly $30 million, to two new addresses. These early wallets were mined during Bitcoin’s infancy, when blocks rewarded miners with 50 BTC and competition was virtually nonexistent [1]. The sudden movement has sparked speculation about whether this signals a deeper sell-off or a consolidation before another rally [2].

This reactivation is part of a broader trend of significant on-chain activity over the past month, including massive transfers by long-term holders and institutional players. On July 17 and 18, a Satoshi-era whale moved 80,202 BTC—worth over $9.5 billion at the time—to Galaxy Digital. By July 18, the final 40,192 BTC had been transferred, and within 12 hours, Bitcoin’s price had fallen from $117,685 to $115,967 [3].

The selling pressure continued on July 25, when Galaxy Digital deposited 11,910 BTC—worth $1.39 billion—onto multiple exchanges. This activity is typically seen as a precursor to institutional selling, and it coincided with a 2 percent drop in Bitcoin’s price [4].

However, on July 29, a large-scale accumulation began to counterbalance the selling. A single whale withdrew 3,500 BTC—worth approximately $409 million—from Gemini, at an average price of $116,950. This was followed by a significant withdrawal of 317 BTC just six hours before the reactivation of the 2010 miner wallets [5].

The movement of 250 BTC from the 2010 wallets is particularly noteworthy. Coins from this era are often considered lost, and their return suggests a strategic repositioning of assets. Given the recent selling from Galaxy Digital and other long-term holders, it is possible that this movement is part of a broader portfolio adjustment or pre-sale reorganization [6].

Analysts see two likely outcomes for Bitcoin’s price based on these developments. In a short-term correction scenario, continued selling from OG wallets and institutional players could push Bitcoin below $110,000 temporarily. On the other hand, if the accumulation trend observed on July 29 continues and exchange balances begin to shrink, it could indicate that the market is effectively absorbing the old supply, potentially leading to a resumption of the upward trend toward $122,000 or higher [7].

The $116,000 to $118,000 range is now a critical pivot point. If this level holds, it could reinforce market confidence. A breakdown with volume, however, may trigger more aggressive volatility [8].

Over the past two weeks, over 90,000 BTC from early holders have re-entered the market. This includes the transfers from the Satoshi-era whale, Galaxy Digital, and now the 2010 miner wallets. Analysts recommend that traders closely monitor on-chain flows over the next 72 hours to gauge the next move [9].

Source: [1]https://coinmarketcap.com/community/articles/688b31a432fd41286026cd5a/