Bitcoin News Today: Bitcoin's ancient miner wallets move $29.6M after 15-year dormancy

Five ancient miner wallets tied to Bitcoin’s earliest days have been reactivated after remaining dormant for over 15 years, consolidating a total of 250 BTC—valued at $29.6 million—into two new addresses. The wallets, which mined 50 BTC each in April 2010, when Bitcoin traded for less than $0.10, had not seen activity since the early stages of the cryptocurrency’s existence. The sudden movement has drawn attention from traders and analysts, who are closely monitoring for potential shifts in market sentiment [1].

The transfers mark a broader trend of long-term holders re-entering the market. Earlier in July, a major Satoshi-era whale moved 80,202 BTC—worth over $9.5 billion at the time—to Galaxy Digital, followed by a 12-hour price dip from $117,685 to $115,967. Galaxy Digital subsequently deposited 11,910 BTC—valued at $1.39 billion—onto exchanges, indicating possible selling pressure. These transactions, together with the recent movements from ancient miner wallets, signal a significant re-entry of supply into the market [2].

In a contrasting move on July 29, a single whale withdrew 3,500 BTC—approximately $409 million—from Gemini, likely indicating accumulation rather than distribution. This suggests that while some market participants are offloading, others are taking a more bullish stance, preparing for a potential rebound [2].

The reawakening of the 2010 miner wallets raises questions about their intent. Given the historical significance of these funds—some of the oldest on the Bitcoin network—their movement could signal portfolio rebalancing or a strategic sell ahead of market conditions. These wallets had not interacted with the blockchain since Bitcoin’s early days, making this a rare and symbolic event. It also highlights growing activity from early miners who have held their coins through Bitcoin’s rise from near-zero value to a multi-trillion-dollar asset [1].

Analysts are now considering two potential outcomes. If selling pressure intensifies and more old supply enters the market, a short-term correction could see Bitcoin fall below $110,000. Conversely, if accumulation continues and exchange balances shrink, the market may be absorbing the increased supply, potentially setting the stage for a return to $122,000 or higher. The $116,000 to $118,000 range has emerged as a critical pivot zone, and its stability will likely determine the next phase of Bitcoin’s price action [2].

Over the past two weeks, more than 90,000 BTC from early holders has re-entered the market, signaling a structural shift in Bitcoin’s ownership. The convergence of these movements—from ancient miner wallets to institutional-scale transfers—suggests a deliberate reshaping of the network’s long-term capital distribution. Market observers are now focused on on-chain flows, watching for any signs of further supply unlocking or continued absorption [2].

Source:

[1] Mitrade (https://www.mitrade.com/insights/news/live-news/article-3-1001546-20250731)

[2] CryptoTicker (https://cryptoticker.io/en/why-bitcoin-could-crash-or-rally-big-after-these-whale-transfers/)