A long-term Bitcoin holder who acquired coins just days before the March 2020 COVID-19 crash has transferred approximately $377.6 million worth of BTC after holding through the historic market downturn.
The wallet, which received the Bitcoin before the pandemic-driven selloff, moved about 4,582 BTC to five different addresses on Monday, according to data from Arkham and mempool.space, public platforms that track Bitcoin transactions.
Four receiving wallets were credited with 1,000 BTC apiece, while the remaining address received approximately 582 BTC. None of the recipient wallets had moved the funds at the time of writing.
Records show that the Bitcoin entered the wallet on March 3, 2020, from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. The global market selloff followed nine days later as fears over COVID-19 intensified, causing Bitcoin to lose more than 40% of its value and fall below $4,000. It has not traded at that level since.
The holdings were valued at roughly $40.8 million when they first arrived. Their value had climbed to around $377.6 million by the time of the latest transfer, representing an increase of approximately nine times.
The wallet showed no outgoing activity for more than four years following the initial deposit. Its first recorded outgoing transaction took place in August 2024, when it sent 0.009 BTC to the address bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g. The rest of the funds were returned to the same wallet.
Movements involving dormant Bitcoin whales often attract attention because analysts monitor them for possible links to changing market conditions. CryptoQuant data and analysis indicate that sharp rises in measures such as Coin Days Destroyed (CDD) and older Spent Output Age Bands can sometimes precede market corrections or increased volatility.
When coins that have remained untouched for years suddenly move, traders may interpret the activity as a potential indication of selling. However, transfers can also occur for security reasons or involve wallets belonging to the same owner. There is currently no confirmed explanation for the purpose of this transaction.
Separately, Bitcoin addresses associated with the U.S. government have recently moved at least $1.5 billion in BTC. The transfers have not established whether the government intends to sell the holdings or is simply shifting assets between wallets under its control.
