On 4 July 2025, two long-forgotten Bitcoin wallets suddenly came back to life, shaking up the world of cryptocurrency.
After more than 14 years of inactivity, these wallets transferred the incredible sum of 20,000 Bitcoins, now worth more than $2 billion.
According to Lookonchain, the first wallet was created on 3 April 2011. At the time, Bitcoin was worth only $0.78. With less than $7,805, the owner bought 10,000 Bitcoins and never touched them again.
All 10,000 Bitcoins were transferred in a single transaction in the early hours of 4 July. But that was not the only surprise. Later the same day, a similar transfer occurred from another old wallet that also contained 10,000 Bitcoins.
The market was intrigued and alarmed when the two wallets transferred 20,000 BTC together. The fact that both were using a legacy format added to the mystery. Although it was widely used in Bitcoin's early years, today that format has all but disappeared.
Why It's Important - And What The Market Thinks
The timing of these transfers was questioned. With Bitcoin near an all-time high, trading at around $110,000 per coin, many users on X (formerly Twitter) speculated that the original holders, or "OG hodlers", were finally cashing in.
"From $7,805 to $1.09 billion... the best investment decision of the century...," commented Crypto Alpha on X.
$7,805 to $1.09B... that is the best investment decision of the century...
- Crypto Alpha (@CryptoAlphas29) July 4, 2025
But who's behind it?
Having maintained those Bitcoins since 2011 has allowed the value to rise by hundreds of thousands. Some speculate that the wallets have been moved for security reasons. Others fear they may have been compromised. However, there is currently no concrete evidence to support any theory.
Interestingly, despite the magnitude of the transfers, the price of Bitcoin has remained stable. After the activity, there was no significant volatility and the price remained at around $109,000.
Coin Days Destroyed In Increase
The on-chain data added a further element to the story. "Coin Days Destroyed" (CDD), a metric that measures how long coins sit idle before being moved, increased in the second quarter, according to data from CryptoQuant.
In early July, the value returned to 11 million after rising from 10 million to 17.5 million. In general, an increase in CDD indicates that old coins are returning to circulation. This can sometimes generate selling pressure and affect the price should the trend continue.
The mystery, however, remains unsolved.
One thing is certain: when old Bitcoin wallets move, the market takes notice.
