The bitcoin was transferred to a new wallet rather than an exchange, indicating that no sale has occurred yet. On Thursday, data showed that a long-dormant address—inactive for eight years—moved 5,908 BTC, valued at დაახლოებით $383 million.
The wallet originally acquired the coins when bitcoin traded around $16,000, a price level seen in December 2017 and early January 2018, shortly before the market peaked near $20,000.
Back then, the holdings were worth करीब $100 million. Today, they are valued at roughly $383 million, marking a gain of about 284%. At bitcoin’s all-time high in October 2025, the stash would have been worth around $726 million.
The timing of the purchase makes this position particularly interesting. Bitcoin dropped nearly 80% in 2018 to about $3,200, later surged to $69,000 in 2021, and then fell again to roughly $15,500 in November 2022—briefly putting the investment underwater five years after it was made.
Despite these dramatic swings, the wallet remained untouched—even when bitcoin climbed above $122,000 last year, about seven times the original entry price. It has only now become active again, with bitcoin trading near $64,800, roughly half of its 2025 peak.
What matters most is where the coins were sent. CoinDesk tracking shows the BTC moved to a new, unidentified address rather than an exchange deposit wallet, suggesting that a sale has not yet taken place.
The transfer also reflects a shift in address format—from a legacy address starting with “1,” common in bitcoin’s early days, to a modern “bc1q” address, which is more efficient and cheaper to use.
Large holders often move funds between wallets for various reasons, including improving security, updating custody setups, managing estates, or preparing for over-the-counter transactions that don’t appear on public exchanges.
This case is distinct from another group identified by CoinDesk, where Glassnode data shows some long-term holders who bought near last year’s highs are selling at a loss during the recent rebound. In contrast, this investor is still up 284% and has not sold any coins.
A move to a Coinbase or Binance deposit address would be the clearest indication that the holder intends to exit the position.
