Notably, the addresses were last active when Bitcoin traded at just $12 per coin, leaving their combined balance valued at around $10,000 at that time.
This movement fits into a recent trend of long-dormant Bitcoin wallets reawakening after several years of inactivity.
This surge in wallet activity marks one of the most significant behavioral shifts among long-term Bitcoin holders in recent memory. Investors in this cohort typically endure multiple market cycles without moving their coins, so their sudden transfers carry weight.
Against that backdrop, many analysts see the transfers as profit-taking, with holders choosing to lock in gains as Bitcoin breaks through the $110,000 mark to new highs.
However, others interpret the activity differently. They suggest it reflects portfolio rebalancing of rotating capital from Bitcoin into Ethereum and select altcoins as institutional demand for crypto rises.
