A Bitcoin wallet that had sat untouched since late 2017 became active on Thursday, sending 5,907.56 BTC worth about $383.6 million to a new address after more than 8.5 years of inactivity.
The transfer landed in block 958217
According to Galaxy Research, the coins were first received on Dec. 14, 2017 and later moved in Bitcoin block 958217 at about 00:15 UTC. The firm estimated the holdings had appreciated by roughly $285.5 million, a 291% gain based on an average acquisition price of about $17,000 per Bitcoin.
The funds were sent to a previously unidentified wallet rather than a known exchange deposit address. On-chain, the move offered no indication that the holder had sold the Bitcoin.
In a post on X, Galaxy Research described the transaction as a whale-scale move involving more than 5,000 BTC. The post said 5,907.56 BTC, valued at $383.60 million, had been moved after sitting dormant since the coins were first received on 2017-12-14, roughly 8.6 years earlier, and identified the transaction as appearing in block 958217. The post also listed the sending address as 138EMxwMtKuvCEUtm4qUfT2x344TSReyiT.
Galaxy Research tied the address to the Noah Doe litigation
In that same post, Galaxy Research labeled the sending address "Noah Doe #27 – Salomon Client Dusted," linking the wallet to addresses included in the firm’s investigation into the Noah Doe litigation earlier this year.
Galaxy Research said in a May 2026 report that the Noah Doe case involves an anonymous plaintiff seeking ownership of about 3.8 million dormant Bitcoin. The lawsuit targets more than 39,000 inactive Bitcoin addresses, including many believed to belong to Bitcoin creator Satoshi Nakamoto, on the argument that the coins were effectively abandoned.
The coins were also moved into a newer address format
The transfer shifted the Bitcoin from a legacy address beginning with "1" to a newer bc1q address format. The report said that format supports lower fees and newer wallet standards.
Large holders remain under close watch
A Bitcoin whale is generally defined as an individual or entity holding at least 1,000 BTC. Because blockchain transactions are public, large transfers are watched closely for signs of whether major holders are accumulating, redistributing, or getting ready to sell.
The report also noted that in December, longtime holders started moving billions of dollars worth of Bitcoin after the asset climbed above $100,000. At the time, one analyst described the shift as a "great redistribution" from early adopters to new owners.
"This year, Bitcoin has seen an unprecedented amount of coins change hands," CryptoQuant analyst J.A. Maartun told Decrypt. "I call this the 'great redistribution,' during which Bitcoin held by long-term holders has been transferred to new owners in several waves."
In January 2026, a Satoshi-era wallet moved 2,000 BTC worth roughly $180 million to Coinbase after the coins had remained untouched since 2010. According to CryptoQuant data, institutional "new whales" controlled about $130 billion worth of Bitcoin, above the roughly $126 billion held by long-term whales.