- A dormant Bitcoin wallet holding over US$250M was reactivated after eight years, moving funds tracked by Arkham Intelligence.
- The wallet, built up in 2016 when BTC was under US$1K, recently transferred around 3,000 BTC in two batches.
A Bitcoin (BTC) wallet with over US$250M (AU$397M) worth of BTC has suddenly awoken after eight years of dormancy.
Data from blockchain analytics platform Arkham Intelligence reveals that the whale resumed activities over 20 hours ago, moving funds across multiple wallets labeled “250M BTC Whale”.
This is a massive appreciation from roughly US$3M (AU$4.77M) in early 2017. Moving on, on-chain data indicates the whale progressively acquired the bulk of these coins by late 2016, when Bitcoin was trading for less than US$1K (AU$1.57K).
Related: Uber Driver to Bitcoin Millionaire – A Journey to Financial Freedom
Before the recent transfers, completed in two batches of around 3,000 BTC each, the whale had not moved any funds since accumulating them in 2016, and each transaction took place roughly 14–16 hours apart.
A Sleepy Giant
Reactivations of long-dormant wallets are increasingly rare, but they highlight the extraordinary wealth earned by early adopters who held on to their Bitcoin through the cryptocurrency’s various bull and bear cycles. That, or someone probably forgot they bought BTC a long time ago (which is not that rare).
According to CoinGecko data, Bitcoin is trading at US$86K (AU$136K) at press time. This represents an increase of 2.8% in the last 24 hours and 4.4% in the last seven days, which is decent considering the crypto market’s extremely volatile last three weeks.
Despite the market’s volatility and uncertainty, some investors and market observers remain unfazed. For example, Bitmex co-founder Arthur Hayes published a thesis suggesting that Bitcoin could reach US$250,000 (AU$391,000) by the end of 2025, even as some other public figures in the crypto space are calling the top.
Related: On The Radar – What to Watch This Week in Crypto
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