Bitcoin (CRYPTO:BTC) traded in a narrow range between $87,600 and $91,100 over recent days as older wallets unexpectedly returned to activity.
Onchain data showed a cluster of wallets dating back to 2016 and 2017 moving 498 BTC worth about $44.6 million.
Separate analysis revealed the consolidation of 2,205 BTC valued at roughly $197.3 million into a smaller set of addresses.
The activity suggested early holders were reorganising long-held balances rather than reacting to short-term price moves.
On Thursday, timechainindex.com founder and onchain analyst Sani highlighted renewed movement across both legacy and newer addresses.
A single entity has consolidated 107 Bitcoin addresses that had been dormant for over 9 years, along with additional short- and long-term dormant addresses, totaling 2,205.84948334 BTC,” Sani said. “The consolidated funds were redistributed into 22 addresses holding 100 BTC each, plus one address containing approximately 4.91 BTC and another with approximately 0.94 BTC.
He added.
The restructuring pointed to deliberate balance management rather than fragmented or accidental transfers.
Sani also flagged activity involving physical Casascius bitcoins that had remained untouched for years.
All of the coins appear to belong to the same individual, as they were sent to the same address,” Sani said. “That address also received an additional 1 BTC from another address that has been dormant since October 2013.
He noted.
Blockchain parsing data supported the observations, showing steady movement from older wallets over a three-day window.
From Jan. 20 to Jan. 23, around 498.79 BTC shifted from wallets first created in 2013, 2016, and 2017.
Activity from 2013 wallets remained limited, with only a 9 BTC transfer recorded from an address first seen in May 2013.
Most transfers originated from Pay-to-Public-Key-Hash addresses created during the 2016 and 2017 cycle.
One notable transaction involved 153.58 BTC from a July 2017 wallet recorded at block height 933415.
The funds were later dispersed to wallets linked to the Kraken exchange.
Analysts noted that routing to exchanges does not always imply immediate selling but can signal preparation for liquidity.
The broader trend shows that coins mined or accumulated years ago continue to be repositioned using modern infrastructure.
Such movements often reflect custody changes, portfolio consolidation, or internal accounting decisions.
The activity underscores that dormant bitcoin is rarely abandoned and instead moves according to each holder’s timing.
Even as prices remain below six figures, long-term holders appear comfortable acting independently of market noise.
At the time of reporting, Bitcoin price was $89,518.19.