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    You are at:Home»Crypto»Dormant Wallet Awakens After 14 Years, Transfers 20K BTC—Market on Edge
    Crypto

    Dormant Wallet Awakens After 14 Years, Transfers 20K BTC—Market on Edge

    Dormant Wallet Awakens After 14 Years, Transfers 20K BTC—Market on Edge
    xavier leeBy xavier leeJuly 16, 2025003 Mins Read
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    A Bitcoin (BTC) wallet, dormant for over 14 years and holding more than 80,000 BTC, has suddenly become active, moving 20,000 BTC valued at approximately $2.4 billion and transferring billions more to institutional custodian Galaxy Digital. This unexpected activity has stirred unease across the crypto market, drawing comparisons to the Mt. Gox trustee wallet reactivations in 2024 that preceded a sharp 31% drop in BTC prices.

    Strategic Moves From Bitcoin’s Early Days

    Data from Lookonchain reveals that the original Bitcoin holder controlled eight wallets: two received 20,000 BTC on April 2, 2011, and six others held 60,009 BTC since May 4, 2011. On July 4, 2025, four of these addresses moved 40,000 BTC, followed by another transfer of 20,000 BTC hours later, worth about $2.17 billion, relocated to a new wallet.

    A few days later, on July 14, the holder transferred 40,009 BTC, approximately $4.68 billion, to Galaxy Digital over several hours. Galaxy Digital then moved some of these assets to major exchanges Binance and Bybit, confirming intentions to liquidate at least part of this long-held stash. This activity dispelled earlier speculation that the moves were merely wallet consolidations or security updates.

    Market Parallels to Mt. Gox Reactivations

    Crypto analyst OnChainSchool pointed out similarities between this event and the 2024 Mt. Gox wallet reactivations, where the defunct exchange’s trustee began selling BTC, triggering a brutal 31% price correction that took over six months to recover from. Both cases involve massive volumes of BTC, long dormancy, and activity near all-time highs, fueling fears that a similar correction might occur.

    “So far, only a fraction of the BTC has been sold,” OnChainSchool noted. “While it’s uncertain whether the market will respond similarly, these parallels are notable.”

    Market Response and Historical Context

    However, some distinctions exist. The current sell-off is managed through Galaxy Digital, suggesting a more measured approach to distribution. Investor Daan Crypto Trades points out that such wallet awakenings often spark exaggerated fears that tend to fade well before the full extent of selling plays out.

    He also referenced last summer’s sale of 50,000 BTC by the German government, which was absorbed by the market without major disruption. Despite the total wallet balance nearing 80,000 BTC—worth roughly $9.46 billion—stronger institutional demand today may help absorb supply more smoothly.

    Meanwhile, Bitcoin, fresh off an all-time high surpassing $123,000, has retraced slightly. At the time of writing, BTC trades around $117,500, down about 4% from the peak but still reflecting strong weekly and monthly gains.

    14 year dormant wallet awakens bitcoin whale 20k BTC move dormant bitcoin wallet 20k BTC OnchainSchool data dormant wallet 14 years BTC
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