Massive Bitcoin Wallet Awakens After Eight-Year Slumber

A massive Bitcoin wallet that had been dormant since December 2017 has finally moved its coins after eight years of silence. According to Galaxy Research, a wallet holding 5,908 BTC worth around $383 million transferred its funds to a new address on Thursday, leaving no immediate indication of a sale.

The wallet in question received the coins when Bitcoin traded near $17,000 and has since sat untouched, despite riding out a significant price drop in 2018 and a rally towards $69,000 in 2021. The holder's stash has gained approximately 284% since then, with an initial investment of around $100 million.

This transfer is notable as it moved from a legacy address to a modern bc1q format, which trims transaction fees. The firm linked the sending address to the Noah Doe case, a lawsuit targeting over 39,000 idle addresses under New York law.