Bitcoin whale that sat through the March 2020 crash moves $378 million
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
A long-dormant bitcoin wallet transferred approximately 4,582 BTC, valued at $377.6 million, to five different addresses on Monday. The wallet received these bitcoins in early March 2020, just before the COVID-19 market crash, and remained inactive until recently. None of the recipient addresses have moved the coins since the transfer.
Why it matters
The movement from a wallet inactive for over four years could indicate potential upcoming market volatility or selling pressure, as flagged by onchain analysts. However, this transfer might also be a routine internal move between addresses controlled by the same entity, so its impact on the market remains uncertain.
Key context
The wallet originally acquired the bitcoins on March 3, 2020, nine days before Bitcoin's price plunged more than 40% due to COVID-19 panic. The coins initially valued at about $40.8 million have since increased roughly ninefold. Analysts use metrics like Coin Days Destroyed (CDD) to link long-dormant coin movements with possible price corrections or volatility.
Key numbers and entities
The wallet involved is identified as 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x. It transferred 4,582 BTC to five addresses, four receiving exactly 1,000 BTC and one receiving about 582 BTC. The value moved is roughly $377.6 million. Data was sourced from blockchain explorers Arkham and mempool.space and analytics provider CryptoQuant.
What remains unclear
The purpose of the recent transfer is unknown—whether it signals impending sales or is a normal security or operational move between addresses held by the same owner. Additionally, the ultimate intent behind recent large transfers by government-linked wallets, including a $1.5 billion movement, is also unspecified.