Bitcoin whale that sat through the March 2020 crash moves $378 million
A long-dormant Bitcoin wallet that held assets since the 2020 market crash recently transferred $378 million worth of BTC. Analysts are monitoring the movement for potential market volatility, as such large transfers from old wallets are often interpreted as signals of impending sell-offs.
Why it matters
Large movements of 'whale' wallets can significantly impact market sentiment and price stability in the cryptocurrency sector.
The wallet, 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x, sent roughly 4,582 BTC to five addresses on Monday, according to blockchain data from Arkham and mempool.space, two public explorers that show every bitcoin transaction.
Four of the addresses got exactly 1,000 BTC each. The fifth got about 582 BTC. As of this writing, none of the five has moved the coins.
The coins arrived in that wallet on March 3, 2020 , from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot, the same records show. Nine days later, Covid-19 panic hit markets and bitcoin plunged more than 40% to under $4,000. The market has not revisited that price since.
The coins were worth about $40.8 million when they arrived. By yesterday’s transfer, their value had risen roughly ninefold.
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