Dormant Bitcoin wallet moves $383M after 8+ years
A Bitcoin wallet inactive since Dec. 14, 2017 transferred 5,907.56 BTC (≈$383.6M) to an unidentified new address in block 958217 at about 00:15 UTC.
An inactive Bitcoin wallet transferred 5,907.56 BTC, about $383.6 million, in block 958217 at roughly 00:15 UTC. The coins had been received on Dec. 14, 2017. Blockchain analysis firm Galaxy Research traced the sending address and labeled it “Noah Doe #27 – Salomon Client Dusted,” linking the address to ones examined in the Noah Doe litigation. The firm estimates the holdings have gained about $285.5 million, a 291% increase from an average acquisition price near $17,000 per coin.
The funds moved from a legacy address beginning with “1” to a bc1q-format address used by newer wallets. The bc1q format is SegWit-compatible and supports lower fees and more modern wallet standards. The recipient address does not match known exchange deposit addresses, so there is no immediate on-chain indication the coins were sent for sale.
The Noah Doe case involves an anonymous plaintiff seeking ownership of roughly 3.8 million dormant Bitcoins. The lawsuit targets more than 39,000 inactive addresses, including some believed to belong to Bitcoin’s creator, arguing the coins were abandoned. Galaxy Research’s tagging connects the transfer to addresses in that legal effort, though the new address has not been linked publicly to any person or firm.
Industry observers classify wallets holding at least 1,000 BTC as “whales,” with holdings above 5,000 BTC described as whale-scale. CryptoQuant analyst J.A. Maartun characterized recent patterns of long-dormant wallets moving coins as a “great redistribution.” Earlier this year a wallet inactive since 2010 moved 2,000 BTC to an exchange. Data cited by market trackers show institutional “new whales” control roughly $130 billion of Bitcoin compared with about $126 billion held by long-term whales.
Because Bitcoin transactions are public, analysts and market participants monitor large transfers for follow-up movements that would identify the recipient or show whether the coins are being held or prepared for sale.
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