Bitcoin OG movement spikes 56% as 1,500 BTC leaves dormant wallets

Bitcoin OG transaction activity jumps

According to new research from CryptoQuant’s analyst Darkfost, veteran Bitcoin holders more than doubled their average spending activity compared to June, when the measure dropped to 962 BTC—its lowest in almost two years. This was also the first time since November 2024 that the figure fell below 1,000 BTC.

The 90-day moving average is used for this metric instead of daily readings, helping to reduce noise from large, individual transactions and giving a clearer view of shifts within the longstanding holder group.

Darkfost noted that “OG Bitcoin holder activity has intensified during this consolidation phase. The 90-day moving average of spent UTXOs from holders who have held BTC for more than five years just climbed to 1,500 BTC.”

Bitcoin traded at $79,901 at the time of reporting, up about 0.33% in the previous 24 hours, but continued to experience sharp swings between $78,723 and $81,370. The price remained pinned below $80,000 despite this increased on-chain activity.

Understanding OG movements and wallet transfers

While increased wallet usage by veteran holders often raises concerns around potential selling pressure, analysts caution against assuming all such movements are sales. Some transactions may represent shifting assets to more secure storage following security incidents, rather than liquidations.

A spent UTXO means a previously unspent output is used as an input in a new transaction. Bitcoin tracks transfers based on UTXO movements, rather than conventional account balances.

Address labels can indicate whether coins are flowing to exchanges, custodians, or self-custody. Even so, deposits to exchanges don’t guarantee that sales occur, as some activity may simply reflect internal restructuring or improved storage security.

Recent blockchain data shows that, over a 10-day period in August, six ancient wallets moved 553.59 BTC valued at $40.15 million. These wallets had not been active in 12 to 15 years prior to these transactions.

Five of these wallets transferred funds to unknown private wallets, while one sent 40 BTC to Boerse Stuttgart Digital, a company providing digital asset custody and trading services, making the nature of the transfer—sale, custody change, or restructuring—uncertain.

Boerse Stuttgart Digital is a German institution specializing in secure crypto custody and trading infrastructure for institutional and retail investors.

Mini dictionary: Boerse Stuttgart Digital, a digital asset division of Boerse Stuttgart Group, offers regulated custody and trading services for cryptocurrencies, catering mainly to the European market.

Impact of Coldcard security issues

A major driver behind recent dormant wallet transfers was the Coldcard hardware wallet security breach. The device suffered a vulnerability that potentially exposed the seed phrases of affected wallets, putting user holdings at risk.

Following the issue, at least 28 wallets dormant since 2014 moved a total of 1,314.41 BTC on August 20, with over 1,200 BTC traced to 2014-era wallets. Owners responded to security advice by generating new seeds and moving coins, sometimes even after security software updates failed to resolve all problems.

Coldcard is a Bitcoin-focused hardware wallet brand, popular for its advanced security features targeting long-term holders.

Mini dictionary: Coldcard, a hardware wallet for Bitcoin, allows users to store their private keys securely offline, but flaws in firmware can jeopardize stored funds, as recently seen with seed phrase vulnerabilities.

Network activity rises amid price stagnation

K33 Research estimates that almost 890,000 BTC changed hands during a seven-day period in early August, marking the highest weekly active supply level so far in 2026. This surge in activity occurred even as Bitcoin traded within one of its narrowest 30-day price ranges since 2023.

This uptick in supply movement did not coincide with a decisive price rally, reflecting how on-chain signals can sometimes differ from market trends.

Galaxy Research reported that 1,596 BTC had been stolen in three major crypto theft waves as of August 5, involving around 7,300 affected addresses. The group estimated that total losses could rise to 2,055 BTC if a suspected fourth wave is confirmed, representing a value of approximately $130 million at the time. Despite these high-profile raids, nearly 90% of the stolen funds remained dormant on the blockchain.