On-chain data shows that a long-dormant Bitcoin whale wallet moved 5,908 BTC on July 16 in a transfer valued at about $382.7 million, drawing attention across the market. Lookonchain, citing Arkham data, said the legacy wallet beginning with “138EM…ReyiT” transferred the full balance to a newly created address at around 8:15 a.m. The funds have not moved again so far. Data indicates the address originally received the 5,908 BTC in December 2017, when Bitcoin traded at roughly $16,800, putting the holding’s value at about $99.6 million at the time. Based on the latest valuation cited in the report, the stash has grown to around $383 million, close to four times its earlier value. The move follows another whale reactivation earlier this week involving a wallet dormant for more than seven years that transferred Bitcoin worth about $188 million. At the time of writing, Bitcoin was trading near $64,000, down 0.5% over the past 24 hours.
A dormant Bitcoin whale wallet moved 5,908 BTC on July 16, with the transfer valued at about $382.7 million, according to on-chain data. The transaction quickly drew market attention because of its size and the wallet’s long period of inactivity.
Lookonchain, citing Arkham data, said the legacy wallet beginning with “138EM…ReyiT” transferred all 5,908 BTC at around 8:15 a.m. to a new address. So far, the coins remain in the receiving wallet and have not shown any further movement.
Data shows the address originally received the 5,908 BTC in December 2017. At that time, Bitcoin was trading at roughly $16,800, putting the total value of the holdings at about $99.6 million. Based on the valuation cited in the report, the stash is now worth around $383 million, or close to four times its value at the time it was received.
This was not the only dormant whale movement seen recently. Earlier this week, another wallet that had been inactive for more than seven years also woke up and transferred Bitcoin worth about $188 million.
At the time of writing, BTC was trading near $64,000, down 0.5% over the past 24 hours. The transfer has not caused an immediate market shock, but the wallet’s next move and whether the funds eventually reach an exchange remain key points to watch.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
