A long-dormant Bitcoin wallet transferred approximately 4,582 BTC worth $377.6 million to five addresses on Monday. This is evidenced by blockchain data from Arkham and mempool space.
The wallet 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x sent coins to five addresses. Four of them received exactly 1,000 BTC each, and the fifth about 582 BTC. At the time of writing, none of the five addresses had moved the coins.
The coins arrived at this wallet on March 3, 2020, from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. Nine days later, markets were hit by panic due to Covid-19, and Bitcoin plummeted by more than 40% – below $4,000. Since then, the market has not returned to this price. At the time of receipt, the coins were worth about $40.8 million, and by yesterday's transfer, their value had increased approximately ninefold.
For more than four years, the wallet sent nothing. The first outgoing transaction occurred in August 2024: a small transfer of 0.009 BTC to the address bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g, with the remaining bitcoins returning to the same wallet.
Analysts have often noted the connection between the movement of coins from long-dormant wallets and market volatility. According to CryptoQuant, sharp spikes in metrics such as Coin Days Destroyed (CDD) and Spent Output Age Bands often serve as leading indicators of correction or high volatility. The reason is that large transfers from long-inactive wallets are often interpreted as preparation for sale. However, they may also reflect routine security measures, such as moving coins between addresses of the same owner.
The purpose of the latest transfer remains unclear. Recently, addresses associated with the US government moved bitcoins worth at least $1.5 billion, and it is also unknown whether it was a sale or internal transfers between controlled wallets.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.
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