A Bitcoin wallet linked to Paxos has sold another 800 BTC, worth roughly $50.72 million, through market maker Wintermute, according to on-chain tracker Lookonchain. The transfer brings the wallet's total distribution over the past two months to 2,500 BTC, worth approximately $154 million.
On-chain data from Arkham shows the wallet has been distributing steadily since late June, moving BTC to Wintermute at an average execution price of roughly $61,813 across the campaign. Routing sales through a market maker rather than dumping directly on an exchange order book is a common way for large holders to minimize price impact while still converting sizable positions to cash or stablecoins over time.
Part of a Broader Wave of Dormant Wallets Waking Up
This wallet isn't an isolated case. On-chain researchers have documented a pattern through 2026 of long-dormant Bitcoin addresses — some untouched for roughly a decade — becoming active again to sell, including a 500 BTC deposit to Coinbase Prime in March and a separate 500 BTC move through a Wintermute-linked address in May. The recurrence of decade-old coins re-entering circulation has fueled ongoing debate among on-chain analysts about whether early holders are using the current price level to take profit after years of inactivity, or simply reorganizing custody.
Related: Bitcoin Spot Volume Hits Lowest Level Since 2019, Glassnode Says
What Sustained Selling Signals
A single wallet distributing 2,500 BTC over two months isn't large enough on its own to move Bitcoin's price meaningfully, but persistent selling from previously dormant, long-term holders is one of the on-chain signals traders watch most closely for shifts in supply dynamics. Combined with thin spot volume and a market that Glassnode has described as showing signs of seller fatigue without full capitulation, continued distribution from wallets like this one adds one more data point to an already cautious near-term picture for Bitcoin.
