Lookonchain data shows early bitcoin The mining wallet with 4,000 BTC (around $442 million) has been activated for the first time in 14 years.
The wallet, identified as 18eY9o, transferred 150 BTC (approximately $16.6 million) after years of inactivity.
These coins were originally mined in 2009 and consolidated into the wallet in 2011. The movement may indicate a rotation, a possible sale, or simply testing activity.
A major narrative this year has focused on selling pressure from early “OG” holders, who began moving or selling their bitcoins after they reached the symbolic milestone of $100,000.
On-chain data shows significant profits being made, suggesting that former holders are taking advantage of the high prices. At the beginning of the year, around 80,000 BTC tied to an early whale, dormant since 2011, sold the entire stash, using Galaxy Digital as a broker.
Some analysts also point to growing concerns about quantum computing and its potential threat to early bitcoin addresses, which could explain the movement of older coins.
Bitcoin OG and Fragrant board director Nicholas Gregory told CoinDesk about the potential threat of quantum attacks.
“It is true that OG holders have been selling; however, coins from this era (2011) may be vulnerable to potential quantum attacks if their public keys have been exposed (as is the case with early P2PK addresses or reused P2PKH addresses),” Gregory said.
“This could be a preemptive move to transfer coins to new, unexposed addresses that would be better protected from such quantum attacks.”
