Two Bitcoin (BTC) wallets that had remained dormant for more than 12 years have become active, transferring a combined 417 BTC worth approximately $33.85 million.
According to a Sunday tweet from blockchain analytics platform Lookonchain, the wallets returned 638 and 229 times their original value, respectively, after accumulating Bitcoin when the cryptocurrency traded at about $127 and $355.
Notably, while the transfers highlight the substantial gains made by early Bitcoin investors, it remains unclear whether the owners intend to sell their holdings or have simply moved the funds to new addresses.
The reactivation adds to a series of movements involving older Bitcoin wallets. Another wallet that had remained untouched for more than a decade transferred 411.45 BTC a day earlier, worth approximately $34 million at the time. Blockchain data attributed to Arkham Intelligence shows the coins were largely accumulated in September 2013, when Bitcoin traded near $131.
Beyond these early-holder movements, data from CryptoQuant points to declining selling pressure from more recent Bitcoin investors.
According to analyst IT Tech, only 4.4% of Bitcoin aged 6 to 12 months that moved over the 30-day period ending October 15 went to exchanges.
This represents about 9,100 BTC of the 205,400 BTC moved during the period. By comparison, 40.4% of the coins moved during the 30-day window ending June 17, equivalent to 63,800 BTC, went to exchanges.
The proportion then fell to 30.9% in July, 9.8% in August, and 3.7% in September before slightly recovering in October.
Despite the substantial number of Bitcoin changing addresses, the data suggests that fewer of these coins are reaching exchanges, where holders could sell them.
IT Tech highlighted the difference between the volume of coins moving and their destinations, noting that 205,400 BTC moved during the latest 30-day period, compared with 157,700 BTC in the June window.
The analyst’s data points to reduced selling pressure from this group of holders, which could be pivotal to BTC price.
Meanwhile, CryptoQuant analyst Darkfost noted that Bitcoin fell below the 30th percentile of its Market Value to Realized Value (MVRV) metric after being rejected near $87,000.
He explained that the measure places Bitcoin’s valuation within its historical context rather than relying solely on the raw MVRV ratio.
“By falling back below the 30th percentile, Bitcoin is returning to a zone where it has spent only about 25% of its time at this valuation level,” the analyst stated.
Darkfost added that the level remained consistent with an accumulation zone, although Bitcoin had moved out of the extreme undervaluation range historically associated with market lows.
The analyst’s assessment suggests Bitcoin has returned to a historically less common valuation range, even as the market continues to seek stronger demand.
At press time, Bitcoin was trading at $82,146, up 1.02% in the past 24 hours.