A Bitcoin ($BTC) wallet that had been inactive for more than six years has moved 4,582 BTC, worth $377.6 million, according to onchain data. The transfer took place on Monday. Lookonchain, ci
A Bitcoin ($BTC) wallet that had been inactive for more than six years has moved 4,582 BTC, worth $377.6 million, according to onchain data. The transfer took place on Monday.
Lookonchain, citing Arkham data, flagged the transaction. The Block reported that the wallet sent the coins to five addresses and that the funds remain in the recipient addresses.
The wallet received the Bitcoin in March 2020, when the holdings were worth roughly $40.8 million, according to The Block. That implies the stack is now worth more than nine times its value at the time of receipt, based on the figures reported.
Records from Arkham and mempool(.)space show the split was uneven. KuCoin News reported that four of the addresses received exactly 1,000 BTC each, while the fifth received about 582 BTC. The same report said none of the five had moved the coins at the time of writing.
The wallet was not entirely inactive. Crypto(.)news noted that its history includes a small outgoing payment of 0.009 BTC in August 2024, with the remainder returned to the same wallet. Monday's transfer was therefore its first major movement since the coins arrived.
The purpose of the transfer is unclear. Crypto(.)news reported that the five recipient addresses had not been identified as exchange deposit wallets, and that Lookonchain did not establish whether they belong to different owners or to the original holder. No confirmed sale accompanied the move.
Large transfers from old wallets are closely watched because they can point to a range of outcomes. According to a KuCoin News summary of onchain commentary, these include custody changes, wallet consolidation or preparation for a sale on an exchange, and onchain data alone does not reveal intent.
The move follows other recent activity from long-idle wallets. The Block reported that last week another whale transferred 4,500 BTC ($375.7 million) after more than four years of inactivity. Crypto(.)news also noted a July transfer of 5,908 BTC, worth about $383 million, from a wallet inactive for more than eight years, with no evidence in that case that the coins had been sold.
Bitcoin traded near $83,500 at the time of Crypto(.)news's report, down about 1% over 24 hours. Market participants will likely watch whether the new addresses send coins to exchanges, which would be the clearest sign of potential selling.
The Block: Bitcoin whale moves $378 million in BTC after six years of dormancy
