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A Bitcoin “whale” that had been dormant for more than 12 years suddenly became active, prompting renewed attention from the market after tens of millions of dollars worth of BTC were transferred to a new address. CoinDesk and CoinPost reported on May 11 local time that on-chain analytics firms Lookonchain and Whale Alert identified a move of 500 BTC from a wallet that had been almost inactive for years.
Before the transaction, the Bitcoin were held at the address 1KAA8G. The wallet moved the entire balance to a new Bitcoin address.
The wallet is believed to have purchased the BTC in November 2013 and then remained largely untouched for more than 12 years.
The 500 BTC moved this time are now worth about $40.62 million. At the time of purchase, Bitcoin was around $914 per coin, implying an initial investment of roughly $457,000.
Based on current prices, the unrealized profit is estimated at about $40.17 million, or approximately 88 times the original capital.
Market concern typically centers less on the act of transferring coins and more on where the funds go. When a large dormant wallet reactivates after many years, traders often watch for signs that the coins may be deposited onto exchanges, which can be interpreted as potential large-scale selling pressure.
So far, there is no confirmed evidence that the new address is linked to an exchange. That uncertainty has led to alternative explanations, including the possibility that the move was intended to improve security or reorganize wallet structure.
Experts cited in the reporting noted that while on-chain data can trace asset flows, it is difficult to determine whether a selling transaction has occurred using publicly available information alone.
In recent months, reactivations of long-dormant Bitcoin wallets have become more frequent. Since Bitcoin first surpassed $100,000 in late 2024, early adopters and miners have reportedly moved coins held for a long time, and some of these cases have involved profit-taking.
Last July, the market saw eight wallets from the “Satoshi era” become active again after about 14 years. Each wallet held up to 10,000 BTC, and their movement occurred near Bitcoin’s historic peak, which unsettled market sentiment.
Analysts say that even without confirmed exchange activity, the movement of long-held holdings can influence investor sentiment. The concern is that if large quantities—potentially hundreds or thousands of BTC—flow into exchange-related addresses, the market may interpret it as possible selling pressure.
As of the latest information in the report, it remains unclear whether this 500 BTC move will materially shock the market. There are currently no signs that the coins were moved to an exchange or sold, and the subsequent steps of the funds have not been disclosed.
Bitcoin is trading around $80,700, and market participants are monitoring whether the new address is connected to exchange addresses and whether additional on-chain movements follow.
Source: CoinDesk
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