A long-dormant Bitcoin (BTC) wallet tied to an early adopter has resumed heavy distribution, with more than $260 million worth of BTC sold after roughly 12 years of holding.
On-chain activity shows the holder originally received 5,000 BTC when Bitcoin traded near $332, valuing the stash at about $1.66 million at the time.
The latest transaction saw the wallet sell another 500 BTC, worth approximately $47.77 million, continuing a selling pattern that began in early December 2024, according to the latest on-chain data retrieved by Finbold from Lookonchain on January 18.
Since December 4, the holder has offloaded a total of 2,500 BTC, realizing around $265 million at an average sale price of $106,164 per coin.
Despite the sizable distribution, the wallet still controls the remaining 2,500 BTC, currently valued at roughly $237.5 million, pushing total profits from the position to well over $500 million.
Impact on Bitcoin price
The renewed activity from such an old wallet is notable because coins held for more than a decade are typically viewed as a tightly held supply.
When these long-term holdings begin to move, it often signals profit-taking rather than panic, but the scale of the sales can still influence short-term market dynamics.
The recent transfers suggest a structured and gradual exit rather than a single liquidation, which helps limit immediate market disruption.
From a price perspective, the impact depends on where the cryptocurrency is sold. Exchange-based selling can add short-term pressure, particularly during volatile conditions, but Bitcoin’s deep liquidity means a few hundred BTC is unlikely to shift the broader trend unless other large holders follow suit.
Historically, such sales tend to occur in later-cycle phases, as early adopters rebalance while new buyers absorb the supply.
Notably, the offloading has come at a time when Bitcoin is witnessing renewed bearish sentiment following a sharp drop that has raised the risk of a break below the $90,000 support level.
By press time, Bitcoin was trading at $92,781, down about 2.4% over the past 24 hours, while on a weekly basis the asset remains up more than 2%.
Featured image via Shutterstock
