A bitcoin wallet that held coins through the March 2020 pandemic market downturn moved $377.6 million worth of bitcoin on Monday, according to blockchain data from Arkham and mempool.space.
The wallet, 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x, transferred approximately 4,582 BTC to five addresses. Four of the addresses received exactly 1,000 BTC each, while the fifth received about 582 BTC. None of the recipient addresses have moved the coins as of the report's publication.
The wallet received its bitcoin on March 3, 2020, when the holdings were worth approximately $40.8 million. Nine days later, bitcoin fell more than 40% below $4,000 during the Covid-19 market panic. The coins appreciated roughly ninefold by the time of Monday's transfer.
The wallet remained dormant for more than four years after acquiring the bitcoin. Its first outgoing transaction occurred in August 2024, when it sent a small payment of 0.009 BTC to another address before returning the remaining bitcoin to itself.
Implications Remain Unclear
Transfers from long-inactive wallets are often monitored as potential indicators of selling activity and market volatility. However, such movements can also represent routine security measures, such as transfers between addresses controlled by the same owner.
Blockchain analysts have noted correlations between sudden activity from long-dormant whales and price corrections or elevated volatility, according to CryptoQuant data. Recent large transfers from addresses linked to the US government, totaling at least $1.5 billion in bitcoin, similarly raised questions about whether the movements were preparatory for sales or routine internal transfers between government-controlled addresses.
