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ZEC $1,207 Dormant Bitcoin whale moves $378M after 6 years, selloff concerns rise
A long-dormant Bitcoin wallet holding 4,582 BTC worth $377.6 million has become active after six years, sparking questions about potential selling pressure.
Key takeaways
- 6-year holding period. The wallet held its 4,582 BTC for more than six years after receiving them in March 2020.
- Original value was $40.8M. The 4,582 BTC were worth approximately $40.8 million when the wallet acquired them in March 2020.
- Current value is 9.3x original. The transferred coins are worth roughly 9.3 times their original value at the time of the October 12 transfer.
What happened
On October 12, a dormant Bitcoin wallet transferred its entire balance of 4,582 BTC, worth approximately $377.6 million, to five separate receiving addresses after holding the coins for more than six years [n1]. Four of the recipient addresses received 1,000 BTC each, while the fifth received roughly 582 BTC [n2][n3]. The wallet originally acquired the coins on March 3, 2020, when their total value was $40.8 million [n4][n5]. A small outgoing payment of 0.009 BTC was sent from the wallet in August 2024, but this marked the first major transfer of the full balance since the coins were received [n7].
Why it matters
The transfer has sparked concerns about potential selling pressure on Bitcoin, which was trading near $83,000 at the time of the move [n1]. CryptoQuant analyst Darkfost noted negative Coinbase premiums, which suggest relatively stronger selling pressure among U.S. market participants [n1]. The movement is part of a broader trend of long-dormant Bitcoin wallets becoming active in 2026: in July, a wallet inactive for over eight years moved 5,908 BTC worth $383 million, and the week prior to this transfer, another wallet dormant for four years moved 4,500 BTC worth $375.7 million [n8][n9][n15][n16]. No confirmed sales have been linked to any of these large transfers, leaving their purpose unclear [n14].
What is still unclear
- It is unknown whether the 4,582 BTC transferred on October 12 will be sold, moved to cold storage, or simply reorganized across wallets [n14].
- The recipient addresses have not been identified as exchange deposit wallets, and no public information links them to specific owners or trading platforms [n13].
- It is also unclear if the small 0.009 BTC payment sent to Cumberland DRW in August 2024 is related to the current large transfer [n12].
Questions readers ask
Why did the dormant Bitcoin whale move its coins after 6 years?
The purpose of the transfer is unknown. The holder may be preparing to sell, moving funds to a more secure wallet, or reorganizing holdings across addresses. No confirmed sale has been linked to the move, and the recipient wallets have not been identified as exchange deposit addresses.
Will this Bitcoin transfer cause a selloff?
It is unclear if the transfer will lead to a selloff. Large dormant wallet movements can signal selling pressure, but no sale has been confirmed, and the coins may simply be moved to private storage or reorganized across wallets.
How much was the dormant Bitcoin wallet worth originally?
The wallet's 4,582 BTC were worth approximately $40.8 million when it received them on March 3, 2020, when Bitcoin traded near $8,900.
