TLDR:
- Two dormant Bitcoin wallets transferred $324.2M after more than a decade.
- The Bitcoin in these wallets increased over 1,000x since their initial purchase.
- More long-dormant BTC wallets are being moved, with a spike in 2024.
- Analysts debate whether the movements signal profit-taking, inheritance, or future preparations, with some predicting bearish pressure.
Two long-dormant Bitcoin whales suddenly came alive on Tuesday, shifting a combined $324.2 million in BTC after more than a decade of inactivity.
The movements, flagged by on-chain analytics platform Lookonchain, immediately raised eyebrows across the crypto community.
As per the firm, the first, wallet “1NWPS2” moved 2,343 BTC, currently worth $221.7 million after sitting untouched for 10 years. Barely a minute later, another ancient address, “1PiEKB”, transferred 1,078 BTC valued at $102.5 million, marking its first activity in nearly 12 years.
To put that in perspective, when the second wallet first acquired its BTC, Bitcoin was trading at just $93. That stash has now ballooned over 1,000x in value, a gain that speaks volumes about Bitcoin’s long-term staying power.
2 whales with 3,422 $BTC($324.2M) just woke up after over a decade of dormancy.
1NWPS2 transferred 2,343 $BTC($221.7M) to a new wallet after being dormant for 10 years.
1PiEKB transferred 1,079 $BTC($102.54M) to a new wallet after being dormant for 12 years.… pic.twitter.com/s46e9JkXm3
— Lookonchain (@lookonchain) May 6, 2025
More Long-dormant BTC Wallets are Being Moved
Meanwhile, the latest movements are not an isolated incident. Last month, blockchain intelligence firm Arkham reported that another Bitcoin whale, who had held BTC since late 2016, transferred over $250 million worth of Bitcoin after eight years of dormancy. The whale’s holdings had grown from just $3 million in early 2017 to over $250 million.
Further supporting the trend, CryptoQuant recently reported that between January and March, nearly 62,800 BTC that had been idle for over seven years were suddenly moved, more than double the 28,000 BTC moved during the same period last year.
These figures exclude large custodial transfers like the 141,000 BTC sent to Mt. Gox in May 2024, allowing analysts to better gauge organic market movements.
These legacy wallet movements are significant not only because of their size but also due to the timing, especially with Bitcoin currently trading just above $94,000 after a notable rally earlier in the year.
Analysts suggest such moves could indicate profit-taking, inheritance distribution, or even preparation for institutional transactions. Some speculate that legacy holders are reorganizing their assets in anticipation of upcoming regulatory changes or technological upgrades to the Bitcoin network.
Meanwhile, popular crypto analyst Ali Martinez highlighted on Tuesday massive BTC sales by large holders.
“Whales have offloaded around 50,000 Bitcoin over the past 10 days. A clear sign of profit-taking at current levels,” stated Ali.
Adding to potential bearish signals, CryptoQuant analyst AbramChart highlighted that the current Coinbase Premium Gap stands at -5.07, indicating that Bitcoin is trading lower on Coinbase than on other global exchanges, typically suggesting selling pressure from large U.S. investors.
U.S. Whales Are Selling? The Coinbase Premium Says It All
“Over the past month, the premium recovered significantly, but is now dropping again — aligning with the recent BTC price correction.” – By @abramchart pic.twitter.com/aaqsQyGPCn
— CryptoQuant.com (@cryptoquant_com) May 6, 2025
Despite these concerns, Bitcoin remains in a strong market position, with 83.93% of holders in profit, with just 7.73% at break-even and 8.34% underwater, signaling continued confidence amid a bull market.
At press time, BTC was trading at $93,897 reflecting a $0.28% drop in the past 24 hours.