On-chain analysts at CryptoQuant have flagged a significant Bitcoin transfer involving two long-dormant wallets that moved a total of 8,000 BTC earlier today, marking one of the most notable awakenings of idle coins in recent months.
According to CryptoQuant contributor Mignolet, the wallets had been inactive for over six years and were initially associated with Xapo Bank. However, after Coinbase acquired Xapo’s institutional custody division in a $55 million deal back in August 2019, it’s now widely believed that the wallets and their contents have since been under Coinbase Prime Custody.
Supporting this theory, blockchain data reveals internal movement within Coinbase Prime wallets just prior to the 8,000 BTC transfer, suggesting that the coins never left institutional custody. This points away from typical retail selling, exchange deposits, or personal transfers, and instead aligns with internal treasury management.
Based on CryptoQuant’s analysis, two primary possibilities emerge: either Coinbase Prime conducted the transfer to replenish over-the-counter (OTC) liquidity amid falling trading volumes, or the transaction reflects a direct OTC purchase by a corporate client or ultra-high-net-worth investor.
While sizable, the transaction lacks the pattern typically associated with ETF flows, such as those seen from BlackRock, suggesting this was a standalone institutional acquisition rather than a routine fund reallocation. This further underscores growing behind-the-scenes activity in institutional Bitcoin markets as demand for discreet, high-volume settlement continues to rise.
Meanwhile, in a separate event reported yesterday, another 8,000 BTC worth approximately $8.6 billion was moved from wallets untouched since 2011, marking one of the largest redistributions of early-mined Bitcoin ever recorded. While rumours circulated regarding figures like Ross Ulbricht and Roger Ver, no evidence has emerged linking the movement to any individual, nor has there been any indication that the coins are heading to exchanges.
💥 80,000 Dormant Bitcoins Just Moved 💥
Yesterday, nearly 80,000 BTC (~$8.6B) from wallets untouched since 2011 were transferred to new addresses.
This is one of the largest shifts of early-mined Bitcoin ever recorded.
🚨 No confirmed link to any individual—despite rumors… pic.twitter.com/BRaXgn2A4N
— AlyzeSam.eth (@AlyzeSam) July 6, 2025
In another rare occurrence, two Ethereum wallets dormant since Ethereum’s genesis in 2015 have been reactivated, moving a combined 1,140 ETH valued at around $2.9 million according to data from Whale Alerts. The sudden shift of these long-idle assets has stirred speculation, but as of now, the destination and intent remain unclear.
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