Ancient bitcoin wallets are moving again, spotlighting long-term holder behavior. This renewed activity highlights shifting dynamics in the Bitcoin market and signals rising attention on dormant funds.
Whale transfers to unidentified Arkham numbers
First, recent on-chain data shows transactions involving 700 BTC and 500 BTC moved to unidentified Arkham numbers. These flows align with patterns seen when ancient Bitcoin holdings awaken after years of silence. Even so, the ultimate purpose of these transfers remains unclear.
13-year-dormant wallet moves 132–137 BTC
Next, on September 11, 2025, a Bitcoin wallet dormant since 2012 sent between 132 and 137 BTC, according to the source. At the time, that stash was worth roughly $15.06 to $15.6 million. Notably, 5 BTC was sent to the Kraken exchange. Back in 2012, BTC traded near $12.22, meaning the wallet’s initial outlay was about $5,437—an example of unmatched gains for early BTC holders.
As a result, observers are watching for follow-on moves. Transfers to exchanges can, but do not always, precede potential sales. Meanwhile, unidentified addresses add another layer of uncertainty.
One of the largest shifts in long-term holders
Finally, since March 9, 2025, a significant 604,549 BTC aged three to five years has moved on-chain. This is described as one of the largest shifts in long-term holder behavior in recent memory. Therefore, market analysts are tracking whether these coins re-enter circulation or remain within self-custody.
Key considerations include:
• Whether exchange-bound flows increase.
• How pricing reacts to revived supply.
• If long-dormant coins continue to awaken.
For background on wallet behavior and on-chain flows, see this overview from Wikipedia. For a refresher on digital dollar-pegged assets, explore our guide on how stablecoins work.
