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Dormant 2017 bitcoin wallet moves 5,908 BTC worth about $383 million

The coins were sent to a new, unmarked wallet address rather than an exchange deposit, suggesting no immediate public sale.

Reported · Written up by our desk · Market Structure

A bitcoin wallet that sat untouched since the 2017 cycle peak has moved its entire holdings, transferring 5,908 BTC, now valued at about $383 million, according to CoinDesk.

CoinDesk said the stash was built in late 2017 when bitcoin traded near $16,000, and it has gained roughly 284% over time, despite being briefly underwater during the 2022 market crash.

While the movement signals renewed activity, CoinDesk reported that the BTC landed on a new, unidentified address rather than a known exchange deposit address, which indicates the holder likely did not sell immediately and may have been handling custody changes or preparing for an over-the-counter transaction.

CoinDesk also noted the wallet’s unusual entry timing, given that bitcoin fell about 80% through 2018 to around $3,200 before later recovering to $69,000 in 2021 and dropping to about $15,500 in November 2022.

Latest closeBitcoin $64,741.05 ▼0.3%

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