Six bitcoin wallets that had been inactive for more than a decade moved a combined 553.59 BTC, worth roughly $40 million, between Aug. 16 and Aug. 26, according to onchain data compiled by Galaxy Research. The addresses were last active between 2011 and 2014, and one had not moved coins for more than 15 years. Although such activity can prompt speculation that early holders are preparing to sell, five wallets sent their bitcoin to addresses with no known exchange links. The sixth transferred 40 BTC to Boerse Stuttgart Digital, a German custody and trading provider, but that movement does not establish liquidation and could reflect safekeeping or another institutional purpose. The transfers came as movement of bitcoin dormant for at least a year fell in the second quarter of 2026 to its lowest level since the third quarter of 2022. Alex Thorn, head of firmwide research at Galaxy Digital, said activity had surged in 2024 and 2025 to levels rivaled only by the 2017 bull market, a period Galaxy called a "great distribution." Thorn projects dormant bitcoin transfers in all of 2026 will be less than half of last year's volume. Blockchain records show movement between addresses but generally cannot distinguish sales from wallet migrations, custody transfers or internal reorganizations. Two of the wallets are linked to a New York lawsuit filed by pseudonymous plaintiff Noah Doe, which seeks control of bitcoin across 39,069 dormant addresses under the state's lost-property laws. Security concerns, including a late-July vulnerability affecting certain Coldcard hardware wallets, have also prompted long-term holders to move funds. Quantum computing is another explanation sometimes cited, though Thorn said whales he works with had not identified it as a reason for selling. Analysts will be watching for meaningful flows from old wallets to exchange-linked addresses, which would provide a clearer indication of selling intent.