Bitcoin Whales Move $324.2M After 10.5-Year Dormancy
1min read Two Bitcoin whales, who had been inactive since 2014, moved a total of 3,422 BTC worth approximately $324.2 million on Tuesday morning. This movement represents some of the largest transfers by dormant Bitcoin whales observed in several years. The first whale, identified as “1NWPS,” moved 2,343 BTC, valued at around $222.2 million, after a dormancy period of 10.5 years. The second whale, “1PiEK,” transferred 1,079 BTC, worth about $102.5 million, after being inactive for 11.75 years. The identities of these wallet owners and the reasons behind their movements remain unknown.
This activity aligns with a broader trend of increased Bitcoin whale activity. According to data from on-chain tracker, during the first quarter of 2025, there was a 110% increase in the movement of long-dormant Bitcoin compared to the same period in 2024. Specifically, 62,800 BTC aged over 7 years were transferred between January and March 2025, compared to 28,000 BTC during the first quarter of 2024. This surge in activity follows a significant resurgence of old-school whales, with a wallet inactive since 2016 moving over 3,000 Bitcoin in late March, valued at over $250 million at the time.
The reasons behind these movements can vary. One common theory is that the owners are taking advantage of historically high prices by selling off their Bitcoin holdings. However, it is also possible that these movements are part of a strategy to reshuffle holdings, such as transferring assets to or from a hardware-based cold wallet. Other potential reasons include owners reclaiming lost or forgotten keys or hardware wallets. The anonymous nature of Bitcoin wallet ownership makes it challenging to determine the exact motivations behind these movements.
In summary, the recent movements by Satoshi-era Bitcoin whales highlight a significant increase in activity among long-dormant wallets. While the reasons for these transfers remain speculative, the trend suggests that owners may be capitalizing on high prices or reorganizing their holdings. This activity underscores the dynamic nature of the Bitcoin market and the potential impact of large-scale movements on the broader cryptocurrency ecosystem.
