A Bitcoin wallet that has been dormant for more than eight years has transferred 5,908 BTC worth nearly $383 million, reviving another long-dormant wallet as traders continue to track big moves onchain.
Summary
- A Bitcoin wallet that has been silent for more than eight years has transferred 5,908 BTC worth about $383 million to a new address.
- Onchain data showed that the coins were not sent to a known exchange, leaving the owner’s intentions unclear.
- The transfer followed another sleeping whale move earlier this week, keeping the fund’s large Bitcoin activity focused.
According to blockchain analytics platform Lookonchain, citing Arkham data, a wallet identified as “138EM…ReyiT” moved its entire 5,908 BTC balance to a new address at 7:15 pm ET on Wednesday. The coins remain in the recipient’s wallet, with no signs of having been sent to a cryptocurrency exchange.
Arkham data showed that the original fund received Bitcoin in December 2017, when BTC was trading close to $16,800. Shares were worth $99.6 million at the time, compared to about $383 million at current market prices.
The timing of the original purchase makes the bag stand out. The owner kept the coins with the decrease of Bitcoin by about 80% in 2018, its rally reached about $69,000 in 2021, the subsequent fall was about $15,500 in late 2022, and the record high of more than $122,000 was reached in October 2025, according to market price data. At that time, the fund’s balance was approximately $726 million.
While the move has drawn attention, CoinDesk’s onchain analysis indicates that Bitcoin was transferred to a newly created, unlabeled address instead of a known exchange deposit address, indicating no onchain evidence of an immediate public sale.
The report also noted that the coins moved from a legacy Bitcoin address starting with “1” to a new SegWit address starting with “bc1q.” According to CoinDesk, large owners often reorganize assets to improve wallet formats, improve storage, rotate private keys, prepare for inheritance, or organize counter sales that do not reach public exchanges.
The activity of the sleeping whale remains concentrated
The latest transfer follows another quiet Bitcoin wallet that went live earlier this week after more than seven years. As previously reported by crypto.news, blockchain intelligence platform Arkham said the wallet moved 2,931 BTC worth about $188 million to a new address after remaining inactive since Bitcoin traded near $6,500.
Although no transfer has confirmed sales activity, CryptoQuant reported that whale deposits continue to dominate Bitcoin exchange inflows. Its whale exchange ratio recently stood at 0.99, indicating that the 10 largest transfers accounted for almost all of the Bitcoin traded.
According to the company, high readings have historically been associated with high selling pressure because large deposits are more likely to precede large sales.
