15-Year Dormant Bitcoin Wallet Awakens, Moves $4.3M as Miner Reserves Hit New Low
A digital ghost from Bitcoin's past just stirred—and the timing couldn't be more telling.
A wallet untouched since the early days of the network, when mining was a hobbyist's game and a pizza cost 10,000 BTC, has transferred $4.3 million worth of the original cryptocurrency. This Lazarus act coincides with a sustained drawdown in miner reserves, a key metric that often signals long-term holder conviction or impending supply pressure.
The Miner Exodus
Data doesn't lie. Bitcoin miners, the network's backbone and historically its most stubborn hodlers, have been quietly reducing their treasuries. Their collective reserves are now scraping multi-year lows. Some call it capitulation; others see it as strategic reallocation in a maturing ecosystem. Either way, it shifts the supply dynamic on-chain.
Why a Sleeping Giant Wakes Up
What prompts a 15-year slumber to end? The theories are flying. Estate planning? A lost key finally found? Or a cold, calculated decision by an OG that the market cycle has reached an inflection point worthy of action. These moves from 'Satoshi-era' wallets are rare, seismic events that remind everyone how much old, illiquid supply still exists—and how its awakening can ripple through sentiment.
While traditional finance frets over quarterly earnings, crypto's oldest players operate on a different clock—one measured in halving cycles and generational wealth transfers. The simultaneous drain of miner coffers and the movement of ancient coins paints a complex picture: a network under pressure from its foundational pillars, yet paradoxically demonstrating the profound, patient capital that true believers have always championed. Sometimes, the most bullish signal is watching who's finally decided to take some profit.
Bitcoin miners reducing reserves
Data from CryptoQuant illustrates that the reserve holdings of miners have been gradually declining over the past few years. Collectively, in early 2023, miners held about 1.87 million BTC, which fell to about 1.81 million BTC by late 2025. During this time, the price of Bitcoin increased from below $30,000 to over $80,000.
This trend suggests that miners are either selling their Bitcoin or moving it into the market, meeting demand without causing sudden price drops. At the same time, as miners hold less, the reduced supply could push prices higher if demand continues to grow.
Mining economics in 2025
Bitcoin mining is facing one of its toughest periods for making money. TheMinerMag reported that miners’ earnings per unit of computing power, called hashprice, dropped from $55 in Q3 to $35 in November after Bitcoin’s price fell sharply.
On average, public mining companies now spend about $44 per unit of computing power, covering everything from electricity and equipment to overhead costs.
As a result, even the most efficient miners are barely breaking even or losing money. New mining machines now take over 1,000 days to pay for themselves, much longer than the usual 850 days expected before the next Bitcoin halving.
Financial strategies reflect these pressures. CleanSpark fully repaid its Coinbase bitcoin-backed credit line shortly after raising $1 billion in convertible debt. Meanwhile, public miners raised $3.5 billion in debt in Q3 and $1.4 billion in equity.
As Q4 begins, mining companies are borrowing through more expensive loans, with Cipher and Terawulf raising nearly $5 billion together. These moves show the industry is focusing on keeping cash on hand and managing debt while facing tough mining conditions.
Market outlook and analyst insights
Bitcoin’s price is drawing a lot of attention from traders. Analyst crypto Tony posted on X: “We had a 3 wave up from the lows, which is bearish. I will be looking to long on a pullback up to the $88,000 – $90,000 region.” He added that a push to $98,000 would require a reclaim of $90,100. This shows that traders are watching price levels closely before deciding to buy.
$BTC / $USD – Update
We had a 3 wave up from the lows, which is bearish. I will be looking to long on a pullback up to the $88,000 – $90,000 region. The only way i become bullish for a push up to $98,000 before coming lower is a reclaim of $90,100 pic.twitter.com/gDxEacQe6A
On the other hand, Trader George shared his outlook on Bitcoin, noting a strong buying opportunity at current levels. He wrote: “I really think you need to be a buyer down here. Both monthly and weekly straight down from the open means there’s a VERY high chance we trade above those prices within the same candle.”
He added that recent price movements may have cleared enough liquidity to support an upward move. “I also think yesterday’s downside swept enough liquidity to have enough strength to MOVE higher from here, without needing to go for Mon low again,” George said.
The 2010 miner wallet moving coins highlights Bitcoin’s long-term persistence. With miner reserves shrinking and demand steady, price swings are likely to continue.
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