In a surprising turn of events, a cluster of early Bitcoin miner wallets — untouched for over 15 years — reactivated on Thursday, transferring a total of 250 BTC, currently valued at nearly $29.6 million.
Resurgence of Bitcoin’s Earliest Holdings
According to blockchain data from Arkham Intelligence, five dormant wallets from April 2010 — each holding the original 50 BTC block rewards — sent their balances to new SegWit addresses using the modern “bc1q” format. The original wallets, marked by the “1” prefix, are relics from Bitcoin’s infancy when mining rewards stood at 50 BTC per block and the cryptocurrency traded for fractions of a penny.
Back in 2010, the market price for Bitcoin hovered around $0.003, valuing each 50 BTC block reward at a mere $0.15. Mining was done using low-end CPUs and the primary cost was electricity — minimal by today’s standards. Energy data from the U.S. in 2010 suggests that mining a single block likely cost less than $1 in power consumption.
Signs of Custodial Shifts and Modernization
On-chain analysts from Lookonchain and Spotonchain highlighted the event on social platform X (formerly Twitter), interpreting the shift to SegWit addresses as a possible step toward modern custodial solutions or asset consolidation. These actions align with a broader trend of early adopters revisiting their long-idle wallets, particularly during the bullish momentum in 2025.
Market Absorption and Broader Whale Activity
Despite the sudden availability of 250 BTC, the market showed resilience. Bitcoin has surged over 27% year-to-date, last trading at $118,480 — just 4% below its all-time high of $122,838, according to The Block.
This isn’t an isolated event. Multiple early wallets from the 2010–2013 era have seen renewed activity in recent months. These transfers come amid rising institutional interest and larger shifts in long-term holder strategies.
Galaxy Digital Handles Massive 80,000 BTC Transfer
In a separate but equally headline-worthy development, Galaxy Digital facilitated one of the largest notional transfers in crypto history. The firm sold over 80,000 BTC (worth more than $9 million at current prices) to an early Bitcoin holder. The origin wallet, long inactive and believed to be from Bitcoin’s earliest days, has sparked speculation — with some suggesting it may have ties to Satoshi Nakamoto.
In mid-July, the whale sent 40,010 BTC and 40,191 BTC to Galaxy. Analysts say 61,697 BTC of the original stash has already moved to various exchanges, indicating a probable liquidation.
Blockchain records show that 80,009 BTC were transferred to Galaxy between July 16 and 17, followed by 30,000 BTC being moved to exchanges by that Friday.
Market Stability Amid Volatility
Interestingly, this major sell-off occurred on a volatile trading day. Bitcoin briefly dipped below $115,000, only to recover swiftly above $117,000. Despite the scale of the transaction, market analysts observed little visible impact on price — a testament to the growing depth and maturity of the BTC market.