Bitcoin whale moves $383 million in BTC after 8 years of dormancy: onchain data

Quick Take

• A bitcoin OG wallet transferred 5,908 BTC to a new address on Wednesday.
• The wallet originally received the bitcoin in December 2017, when BTC was trading at around $16,800, meaning the holdings are now worth nearly four times as much.

A bitcoin (BTC) whale has awakened and moved $382.7 million worth of BTC after remaining inactive for eight years and six months.

According to onchain analytics provider Lookonchain, citing Arkham data, the OG wallet “138EM…ReyiT” transferred 5,908 BTC to a new address at 7:15 p.m. Wednesday ET. The funds remain in the recipient address.

The wallet originally received the 5,908 BTC in December 2017, when bitcoin was trading at around $16,800 — valuing the holdings at roughly $99.6 million at the time. At current prices, the holdings are worth nearly four times as much.

Earlier this week, another bitcoin whale moved roughly $188 million worth of BTC after more than seven years of dormancy. While the whales' intentions remain unclear, market participants often view such transfers as potential precursors to token sales.

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