From 16 to 26 August, Galaxy Research showed that six bitco addresses, long-standing since 2011, 2012 and 2014, had been transferred, totalling 553.59 BTCs, which were approximately $4.015 million at the time of their transfer. It is not common for long-term sleeping addresses to be awakened, so such movements are usually followed by a focus on the chain.

There were six movements in 10 days.

The first occurred on 16 August. An unaltered address since 13 June 2011 transferred 8.54 BTCs. The asset was valued at approximately $14 per unit in 2011 and at $538 million at the time of its transfer.

On 18 August, a larger transfer took place. A sleeping address from 10 August 2012 transferred 212 BTCs valued at approximately $13.66 million. A few hours later, a further 10.74 BTCs, valued at approximately $692,000, were transferred from another address, which had remained intact since 17 June 2011.

On 22 August, two old address transfers took place back and forth in approximately two hours. One of these, 150 BTCs, came from an address that had remained intact since 26 December 2014, valued at approximately $11.75 million. The other relates to three 2011 addresses, with a total of 132.31 BTCs valued at approximately $10.37 million.

The latest one occurred on 26 August. A sleeping address from 28 May 2012 transferred 40 BTCs valued at approximately $3.14 million.

Two addresses with litigation labels.

Of the six variations, two were marked as “Salomon Clinic Dusted” or “Noah Doe” associated labels. It was mentioned that the labels related to a lawsuit in New York. The pseudonym claimant Noah Doe tried to assert in the New York Court that 39,069 long-sleeping bitcoin addresses were unclaimed property.

According to reports, the plaintiff sent a very small “dust” transaction to thousands of wallets with chain information as a notice. Galaxy Research stated that such address labels were relevant to the case. Since the court suspended the default judgement in June this year, there has been an increase in the number of events at named addresses, and two of the six transfers were labelled.

A sum of money went to the German trustee.

Only the most recent of the transfers was made to known institutions. According to Galaxy Research, 40 BTCs were transferred on 26 August and the recipient was marked Boerse Stuttgart Digital, a German digital asset custodian.

The destination of the remaining five transfers has not yet been clearly linked to the exchange. In other words, the funds may simply be transferred to the new cold wallets or may continue to flow in subsequent periods.

It was also mentioned that the recent increase in the activity of the old address may be related to two types of factors. One is the cautionary effect of the above-mentioned New York proceedings; the second is the transfer of assets by part of the long-term holder for security reasons following the hardware wallet Coldcard solidware leak at the end of July. Decrypt previously stated that approximately 233,000 BTCs had been exported from long-term holders ' wallets before and after the events.

However, neither of these explanations can cover all six transfers. As a result of the chain, the frequency of re-opening of the old bitcoin address over the past six months is increasing, and most of the funds, with the exception of a direct flow to the custodian, still do not show a clear route of sale.