A Bitcoin wallet dormant since 2013 moved all 411.45 of its coins to a new address on Sunday, according to blockchain data. At current prices of approximately $82,600 per coin, the transfer represents about $34 million in value.
The wallet owner acquired the majority of these coins on September 11, 2013, when Bitcoin traded around $131 per coin. The owner held the position unchanged for over 13 years, through three halvings, the 2017 bull market, the 2022 FTX collapse, and the 2024 launch of spot Bitcoin ETFs.
The movement is part of a broader pattern this month. A day prior, two other wallets dormant for over a decade moved a combined 417 Bitcoin. Similar activity occurred throughout the previous year, with multiple long-inactive whale wallets resuming activity after extended periods of inactivity.
While such movements often spark speculation about imminent sales, the evidence suggests routine maintenance rather than preparation for a market exit. The funds were transferred to a private wallet rather than an exchange, and the new destination has not initiated any outgoing transactions.
The original wallet used an outdated address format, whereas the new destination employs SegWit (P2WPKH), a modern standard offering enhanced security and lower transaction fees. The migration to an updated format is typical for long-term holders performing custodial upgrades.
The wallet also received dozens of tiny deposits over the years, many worth less than a dollar. Several originated from addresses associated with phishing attempts, a common scam tactic known as address poisoning in which fraudsters send trace amounts of cryptocurrency to high-value wallets in hopes the owner will accidentally copy their address during future transactions. The whale did not respond to these attempts.
