Dormant Wallets Stir: 89 Legacy Addresses Move $348M in Bitcoin in January

In January 2025, bitcoin exhibited modest volatility yet clung steadfastly above the $100,000 threshold through much of the month’s closing weeks. Within this period, dormant holdings totaling 3,422.29 BTC—equivalent to $348.11 million at prevailing valuations—stirred into motion after years of inactivity.

3,422 Bitcoin From 2011–2017 Wallets Reallocated

To start 2025, a multitude of long-dormant bitcoin addresses—untouched since their inception—suddenly pulsed with transactional vitality. A cohort of 89 legacy P2PKH (Pay-to-Public-Key-Hash) addresses—originating from wallets created between 2011 and 2017—transferred bitcoin held since their inception. Transactions involving unspent transaction outputs (UTXOs) from 2009 or 2010 remained entirely absent throughout January.

The 89 wallets reallocated 3,422.29 BTC, valued at $348.11 million as of this analysis. Wallets originating in 2017 dominated transactional activity, with 20 unique P2PKH (Pay-to-Public-Key-Hash) addresses relocating 1,224.08 BTC to newer wallets. Notably, the term “spent” in this context refers strictly to fund movement—not definitive liquidation. Blockchain parsing sourced from btcparser.com reveals that multiple 2017-era transactions involved relocations of 100 BTC or greater.

A single wallet, initially established on June 14, 2017, executed a transfer of 396 BTC at block height 880,377. Wallets from 2014 emerged as secondary contributors by volume, redistributing 536.890025 BTC via 19 distinct transactions. Among these, an address generated on Jan. 10, 2014, moved 185.01 BTC on Jan. 23, 2025. P2PKH wallets from 2016 subsequently redistributed 493.23 idle bitcoins. Crucially, certain transactional clusters—evident in the data—likely represent singular entities orchestrating multiple transfers.

Addresses from 2013 trailed closely, redistributing 469.891 dormant bitcoin, while wallets created in 2015 facilitated transfers of 365.5601 bitcoins, and vintage 2012 addresses reallocated 297.64000888 bitcoin. In addition, three transactions orchestrated the movement of 35.00001641 BTC from wallets dating all the way back to 2011. While the intent behind these actions remains ambiguous, each transaction is calculated. The coordinated movement of long-inactive bitcoin across multiple blocks last month implies strategic repositioning by legacy holders or outright sales.