Silent Since 2016, Vintage Bitcoin Wallet Suddenly Moves Hundreds of Coins
On Thursday, Bitcoin fell below the $100,000 mark amid a 1.95% decline in the broader cryptocurrency market, tied to concerns over a potential AI bubble. During this downturn, a dormant wallet holding 603 BTC, valued over $60 million, moved its funds for the first time in more than nine years. The transactions involved transferring Bitcoin from older wallet formats to new ones, possibly for consolidation or upgrade purposes. Despite no clear signs of selling, such activity from long-dormant wallets often raises concerns among traders about market sentiment and future movements, especially during periods of market decline.
Layer-1
Bitcoin Slips Below $100,000 as Dormant Whale Awakens
On Thursday, as bitcoin slipped beneath the $100,000 mark again, an address that accumulated 600 BTC more than nine years ago in 2016 quietly stirred to life, moving its stash for the very first time.
Market Trends: Crypto and U.S. Equities Alignment
Digital currency markets moved in step with U.S. equities on Thursday, absorbing the weight of an ongoing pullback tied to worries over a potential artificial intelligence (AI) bubble. The broader crypto sector declined by 1.95%, and BTC slipped below the $100,000 range. During this period, a veteran whale decisively shifted 603 bitcoin—valued at just over $60 million—for the first time in over nine years.
A Trend of Long-Silent Bitcoin Wallets Moving
Throughout 2025, a steady stream of OG bitcoin movements has been observed while the asset largely hovered above the $100,000 threshold. Some transfers went to exchanges or custodians, while others were likely tied to consolidation efforts or migrations to newer address formats due to concerns about quantum computing risks.
Details of the Dormant Wallet Transaction
Block 923366 recorded the first transfer, where a P2PKH (Pay-to-PubKey-Hash) wallet created on August 11, 2016, sent 103 BTC to a newer P2WPKH (Pay-to-Witness-PubKey-Hash) address. In the subsequent block (923367), another wallet dating back to October 24, 2016, moved 500 BTC to the same P2WPKH destination. The identity behind the new address remains unknown.
Market Reaction to the Whale's Movement
While the transfer might simply reflect consolidation or a shift to upgraded address formats, such large movements from long-silent wallets—especially during a market downturn—tend to rattle traders. These actions spark fresh speculation about intent, timing, and market sentiment. Even without evidence of selling, the reawakening of deep-cold holdings causes unease and keeps traders vigilant about potential future activity.
Frequently Asked Questions
❓ Why did the long-dormant bitcoin wallet move its funds? The reason remains unclear, though consolidation or upgrades to newer address formats are possible explanations.
❓ How much bitcoin was transferred in this whale move? The wallet shifted 603 BTC, valued at just over $60 million.
❓ Does the transfer signal an imminent sell-off? At present, there’s no evidence of selling. However, such moves often raise concerns as funds could be further transferred to an exchange.
❓ Why did this happen as bitcoin fell below $100,000? The timing appears uncorrelated, though market downturns often draw attention to such events.