It’s important to note that movement in the crypto space doesn’t always indicate a sale. The public ledger of Bitcoin reveals transactions where coins transition from one wallet to another, but it typically can’t clarify if the owner has sold, switched wallets, opted for a custodian, or simply restructured their assets.
Recently, five out of six established wallets initiated transfers of their bitcoins to addresses that have no known connections to exchanges. The sixth wallet transferred 40 $BTC to Boerse Stuttgart Digital, a platform based in Germany that specializes in crypto custody and trading.
Two of these six wallets are linked to a legal case in New York, where an anonymous claimant identified as Noah Doe is pursuing ownership of bitcoins from 39,069 dormant addresses, invoking the state’s lost-property legislation.
The claimants have been sending small amounts of bitcoin to these addresses, accompanied by legal notifications on the blockchain, arguing that these funds may be declared abandoned if no one asserts ownership.
In June, CoinDesk revealed that one address mentioned in this lawsuit transferred 35.55 $BTC after being inactive since March 2011, marking one of the first visible actions from a wallet involved in the case.
Following the revelation of a vulnerability in certain Coldcard hardware wallets at the end of July, approximately 210,000 $BTC was relocated from wallets deemed long-term holdings by Glassnode within just one week. This flaw made it easier for potential attackers to decipher poorly generated wallet keys, leading some users to shift their bitcoins into newly created wallets or seek regulated custody, even if their assets weren’t directly at risk.