What to Know
- A dormant Bitcoin whale transferred 5,908 BTC worth $382.7 million after eight years, while the funds remain in a new wallet.
- According to Lookonchain, another inactive Bitcoin whale also moved $188 million in BTC, although neither transfer reached exchanges.
- Bitcoin traded near $64,183 above its middle Bollinger Band, while the RSI stayed above its signal line, indicating stable momentum.
A Bitcoin whale has moved 5,908 BTC worth approximately $382.7 million after leaving the holdings untouched for more than eight years. According to Lookonchain, citing Arkham data, the coins were transferred from the wallet “138EM…ReyiT” to a new address, where they remain without further movement.
Blockchain records show the transaction took place at 7:15 p.m. Wednesday ET. Although the transfer involved one of the larger dormant Bitcoin wallets, the receiving address has not sent the funds elsewhere. As a result, the purpose behind the transaction remains unknown.
The wallet originally received the 5,908 BTC in December 2017. At that time, Bitcoin traded near $16,800, placing the value of the holdings at roughly $99.6 million. Since then, Bitcoin’s long-term price appreciation has increased the wallet’s value to nearly four times its original worth.
Moreover, the extended period of inactivity makes the transfer notable. Dormant wallets from Bitcoin’s early years rarely move such large balances, prompting market participants to monitor their activity whenever they reappear.
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Dormant Bitcoin Wallets Draw Market Attention
According to Lookonchain, this is the second major dormant Bitcoin wallet to become active within the same week. Earlier, another whale transferred approximately $188 million worth of BTC after remaining inactive for more than seven years. Although both transfers involved substantial amounts, neither transaction has sent Bitcoin to cryptocurrency exchanges. Consequently, there is no evidence that either holder has begun selling their assets.
Instead, the transfers may reflect wallet restructuring, improved custody arrangements, or internal asset management. Large holders frequently move funds between wallets without changing their long-term investment strategy. Additionally, blockchain observers often track dormant wallets because they can provide clues about early investors. Whenever these addresses become active, traders watch for additional transactions that could signal broader market activity. Meanwhile, Bitcoin slipped about 0.2% over the past 24 hours, trading at approximately $64,769 during early Thursday trading.
Bitcoin Holds Key Technical Support
The daily chart shows Bitcoin trading around $64,183, remaining above the middle Bollinger Band near $62,462. At the same time, the upper Bollinger Band stands close to $66,179, marking the next technical resistance level for buyers.
Source: Tradingview
Moreover, the Relative Strength Index has climbed to 52.87, staying above its signal line at 51.26. This reading suggests buying momentum has improved without entering overbought territory. As long as Bitcoin holds above the middle Bollinger Band, the current recovery structure remains intact. However, a decisive move above the upper Bollinger Band would provide a stronger bullish technical signal.
Whale Activity Remains Under Watch
Despite the decline, the market showed no immediate signs of unusual volatility linked to the transaction. The newly funded wallet continues to hold the entire 5,908 BTC balance, suggesting the transfer has not developed into broader distribution.
Large Bitcoin transfers from long-inactive wallets often attract attention because of their size and history. However, blockchain data alone does not reveal the owner’s intentions. The latest movement highlights the growing value accumulated by early Bitcoin holders. A wallet once valued at less than $100 million now controls nearly $383 million in BTC.
According to Lookonchain, citing Arkham data, the 5,908 BTC remains in the receiving wallet following its transfer from the dormant address. While the destination has not shown additional activity, market participants will likely keep monitoring the wallet for any future transactions that may reveal the holder’s next move.
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