[Digital Today reporter Yoonseo Lee (이윤서)] Ten bitcoins that had not moved for more than 15 years since 2011 were transferred on-chain on Aug. 29, local time.

Blockchain media outlet U.Today reported on Aug. 30 that the coins entered the wallet on June 17, 2011 and stayed dormant for about 15.2 years before being moved at block 964,539.

Galaxy Research estimated the coins were worth $777,000 at the time. The realised gain was calculated at about 503,364 percent. As bitcoin has recently strengthened, cases of older coins moving again have continued, drawing more market attention.

In August, transfers of long-dormant holdings were repeatedly detected. Galaxy said on Aug. 12 that 85 BTC received in December 2012 moved after about 13.6 years, and was worth $5.4 million at the time. On Aug. 17, 8.54 BTC untouched since June 13, 2011 was moved. The coins were assessed as about 15.1 years old, valued at $538,000, with an estimated gain of 461,981 percent.

Large transfers continued on Aug. 18. A 10.74 BTC holding received in June 2011 moved again after being kept for 15.1 years, and was estimated to be worth $692,000. On the same day, 212 BTC received in August 2012 also moved after about 14 years. The holding was valued at $13.66 million, and Galaxy calculated the gain at about 557,640 percent.

On Aug. 22, a cluster of addresses that had been inactive since July 2011 transferred 132.31 BTC. The holding was worth $10.37 million. Another wallet that had been dormant since December 2014 also moved 150 BTC the same day, valued at $11.75 million.

Even so, it is difficult to say that the movement of older bitcoins immediately leads to selling. Holders may move assets to other addresses or transfer them to exchanges. The market is focusing less on whether they were actually sold than on the fact that long-dormant holdings are starting to move again.

The key point in this trend is that older bitcoins have repeatedly started moving on-chain again. Regardless of whether they were actually sold, the market is watching what signal the reactivation of long-held holdings sends during the recent phase of the bitcoin rally.