Bitcoin wallet activity does not necessarily signal selling. The public blockchain records bitcoin moving from one address to another, but it usually cannot reveal whether the owner sold the coins, changed wallets, transferred them to a custodian or simply reorganized their holdings.
Five of the six decade-old wallets that moved bitcoin this month sent their holdings to addresses with no known links to cryptocurrency exchanges. The sixth transferred 40 $BTC to Boerse Stuttgart Digital, a German crypto custody and trading provider.
Bitcoin Wallets Linked to New York Lawsuit
Two of the six wallets carry labels linking them to a New York lawsuit. In the case, a pseudonymous plaintiff known as Noah Doe is seeking control of bitcoin held across 39,069 dormant addresses under the state’s lost-property laws.
The plaintiffs sent tiny amounts of bitcoin to those addresses along with onchain legal notices. They argue that the coins could be treated as abandoned if no one establishes ownership.
CoinDesk reported in June that one address named in the case moved 35.55 $BTC after remaining untouched since March 2011. It was one of the first visible responses from a wallet targeted in the lawsuit.
Coldcard Vulnerability Triggers Wider Bitcoin Movements
After a flaw in certain Coldcard hardware wallets was disclosed in late July, roughly 210,000 $BTC left wallets classified by Glassnode as belonging to long-term holders in a single week.
The vulnerability made poorly generated wallet keys easier for attackers to guess. As a result, some users moved bitcoin into newly created wallets or regulated custody, even when their own coins were not directly exposed.
Source: cryptonews.net