Dormant Since 2017, Bitcoin Wallet Awakens With $383M Transfer

The bitcoins were sent to a new wallet instead of an exchange, meaning no sale has taken place so far. On Thursday, blockchain data revealed that an address inactive for eight years transferred 5,908 BTC, valued at roughly $383 million.

The wallet originally accumulated the coins when bitcoin was trading near $16,000—around December 2017 to early January 2018—just before the market peaked close to $20,000.

At the time, the holdings were worth about $100 million. Today, their value has climbed to approximately $383 million, representing a gain of around 284%. At bitcoin’s all-time high in October 2025, the stash would have been worth about $726 million.

What makes this case notable is the timing of the purchase. Bitcoin plunged nearly 80% in 2018 to around $3,200, later rebounded to $69,000 in 2021, and then dropped again to roughly $15,500 in November 2022—briefly pushing this position into a loss five years after it was established.

Despite those swings, the wallet remained inactive, even when bitcoin surged past $122,000 last year—about seven times the original purchase price. It has only now become active again, with bitcoin trading near $64,800, well below its 2025 peak.

More important than the movement itself is the destination of the funds. According to CoinDesk’s tracking, the BTC was transferred to a newly created, unidentified address rather than an exchange deposit wallet, suggesting no immediate liquidation.

The coins were moved from a legacy address starting with “1,” an older format dating back to bitcoin’s early days, to a newer “bc1q” address, which offers lower transaction costs and was not widely supported when the coins were first received.

Such transfers are common among large holders, who often move assets between wallets to improve security, update custody methods, manage estates, or prepare for private over-the-counter deals that avoid public markets.

It’s also important to distinguish this holder from others reported by CoinDesk, where data from Glassnode shows some long-term investors who bought near last year’s highs are selling at a loss during the recent rebound. In contrast, this wallet remains up 284% and has not sold any coins.

A transfer to a deposit address at exchanges like Coinbase or Binance would be the clearest sign that the holder intends to sell.