Over the past 10 days, six long-silent bitcoin addresses have been transferred 553.59 BTCs, valued at approximately US$ 40.15 million at the time of transfer. Galaxy Research claims that these addresses date back to 2011, but that the existing chain records do not identify the controlling person or directly prove that the relevant bitcoin has been sold.

Most of the money is not going to the exchange

The transfer took place between August 16 and August 26. Of the 6 transfers, 5 were to new addresses not publicly marked and did not show access to an exchange or trading platform. Only the last 40 BTC transfers went to the address marked Boerse Stuttgart Digital. This is a German encrypted hosting and trading infrastructure provider.

This means that most of the funds are now more of an address adjustment or asset reorganization than an explicit sale. Even if it went to the hosting institution, it was not possible to judge the holder ' s readiness to sell on the basis of a chain transfer alone, or to replace the way in which it was held.

Two addresses with New York litigation tags.

Of the six addresses, two have a "Noah Doe" label. According to Galaxy, these labels relate to a lawsuit in New York around the silent bitcoin address. The plaintiff sought to obtain control of a long-term undisturbed address under the New York State rules on lost property.

One of them occurred on 18 August and a wallet that was not active since August 2012 transferred 212 BTCs, valued at approximately $13.66 million. Another one took place on August 22nd, when 150 BTCs worth approximately $117.5 million were transferred from a silent wallet since the end of 2014. Both were large transfers in the current round.

The progress of the proceedings has also given more attention to the chain of action at such addresses. As the plaintiff had previously argued, the relevant address might be removed from the scope of the proceedings once the targeted address was re-transferd. The report mentions that the plaintiff removed 44 re-active wallets from the case list in July this year.

The old address was active in 2011.

In addition to these large transfers, on 22 August, 3 addresses dating back to 2011 transferred a total of 132.31 BTCs, valued at approximately $10.37 million. Earlier on August 16th and August 18th, 8.54 BTCs and 10.74 BTCs were also transferred out of years-old wallets.

Galaxy also mentioned that similar old addresses were not unusual in 2026. On 20 August, 28 silent addresses had transferred a total of 1314.41 BTCs, valued at approximately $940.3 million, and a further wallet of 5908 BTCs, valued at approximately $383 million, had been transferred out of more than eight years in July.

Security factors are also included in observations

In addition to litigation factors, the market is also concerned about whether the security of hardware wallets will induce older holders to move assets. It was reported that some of the Coldcard equipment had exposed the seed phrase risk due to solid defects and that the attackers had been moving bitcoin from multiple addresses since late July.

However, Galaxy did not provide evidence that most of the six addresses were directly related to the issue. Since these wallets were established earlier than the relevant solidware changes, they may be linked only if the holder subsequently imports the used private key into the affected equipment.