A long-dormant Bitcoin wallet transferred 5,908 BTC, valued at about $382.7 million, to a new address on Wednesday, according to on-chain data cited by The Block. The wallet, identified in the report as “138EM…ReyiT,” had been inactive for eight years and six months. Lookonchain, citing Arkham data, said the transfer occurred at 7:15 p.m. Eastern Time. The funds remained at the receiving address when the report was published.
The wallet originally received the bitcoin in December 2017, when BTC traded at roughly $16,800. That put the coins’ value at about $99.6 million at the time, compared with nearly four times that value at current prices, The Block reported.
The transfer does not establish that the holder plans to sell. Wallet movements can reflect changes in custody, security or internal management as well as sales preparations. Still, traders commonly watch large transfers from dormant addresses because a move to an exchange or other known venue can precede a sale.
Bitcoin was down 0.2% over the preceding 24 hours, trading at $64,769 at 2:30 a.m. Thursday, according to The Block’s price page. The story follows another large movement earlier this week, when a separate inactive holder transferred approximately $188 million in bitcoin after more than seven years.