According to the latest data, from October 1 to October 31, 2024, a total of 1,970,401 BTC has been spent from old wallets created between 2010 and 2017.

Inactive Bitcoin wallets show restraint

In September, dormant bitcoin wallets suddenly awakened, releasing 4,066.81 BTC back into the cryptocurrency flow. While the price of bitcoin (BTC) rose by 10.76% in October, fewer classic bitcoins were transferred. Data shows that 1,970,401 BTC — worth approximately $137 million — was transferred to new addresses, hinting at a potential sell-off.

According to btcparser.com, there have been a total of 64 such transactions, with the majority of the funds originating from addresses dating back to 2011. Notably, seven old Pay-to-Public-Key-Hash (P2PKH) addresses from that year have spent a total of 442.76 BTC. Meanwhile, only one transaction appeared from 2010, with a single party moving 50 BTC from a wallet created on July 12.

In 2012, there were only two bitcoin transactions, one of which moved 399 BTC — worth $27.7 million. Old addresses from 2013 show ten transactions, but only 108.42 BTC changed hands. Bitcoin wallets dormant since 2014 have awakened to transfer 249.21 BTC across eight separate transactions. In 2015, there were only four notable transactions, moving a modest 80,001 BTC.

For wallets from 2016, October witnessed 13 transactions, transferring 188.27 inactive bitcoin. Meanwhile, 2017 ranked second in the previous month for BTC spending, with 440.73 BTC transferred across 19 unique transactions. October saw less movement from inactive bitcoin wallets, even as prices rose—suggesting that early adopters might be deliberately holding back.

Instead of quickly selling off, these veteran holders seem to be calculating the potential future price increase, adopting a patient approach that balances their faith in bitcoin's economic promise with time considerations. They say, "bitcoin will go to the moon," but with these early coins hitting the market, each seller seems to have their own lunar price level.
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