Old Bitcoin Supply Is Slowly Returning to the Market

[johnblockbuster]

The transaction highlights a broader trend of “vintage” Bitcoin supply reentering circulation. Over the past year, wallets dating back to 2009–2011 have increasingly been reactivated as early holders move to lock in gains or modernize custody after more than a decade of inactivity.

One of the most notable examples came in mid-2025, when Galaxy Digital facilitated the sale of over $9 billion worth of Bitcoin for a Satoshi-era investor. These events suggest that early adopters are gradually exiting positions as Bitcoin matures into a deeply liquid global asset.

[madmax]

feels like the quiet handoff from legends to institutions is actually happening