Dormant Bitcoin Whale Awakens: 500 BTC Moved After 8 Years, $5.7M Sent to Gemini

On Thursday, bitcoin (BTC) hit $98,367 per coin before sliding to $96,524. That same day, a dormant whale from 2016 stirred after eight years, spending a hefty 500 BTC, now valued at $48.26 million.

Long-Term Holders Come out of the Woodwork

Long-term holders (LTHs) are stepping into the spotlight as bitcoin’s price ascends. Glassnode’s latest analysis highlights this trend, noting increased activity among veteran wallets. At block height 871,347, a wallet created on Oct. 4, 2016, moved 500 BTC for the first time since receiving the stash. The onchain action was first discovered by the Bitcoin blockchain parser btcparser.com. Back in 2016, BTC was trading at $613 per coin, making the initial haul worth $306,500.

In addition to the fee paid, 60 BTC was sent to the centralized crypto exchange Gemini and ‎439.998 BTC was moved to the change address.

Fast forward to today, and those coins have grown in value by an astonishing 15,646.03%. The bitcoin was sent from a Pay-to-Public-Key-Hash (P2PKH) wallet, with 60 BTC transferred to a Bech32 address and ‎439.998 BTC moved to a fresh legacy-style P2PKH wallet. Blockchain explorer Blockchair graded the transaction’s privacy score at zero out of 100, citing matched addresses and the use of rounded figures.

Of the 500 BTC, 60 BTC—worth $5,791,451 at the time—found its way to the centralized crypto exchange Gemini. This likely indicates a portion of the holdings was likely sold on the open market.

The reemergence of long-dormant bitcoin wallets during significant price surges often sparks intrigue, hinting at the strategic motives of seasoned holders. While this vintage whale’s actions may signal profit realization, they also underscore the enduring allure of bitcoin as a long-term store of value, reflecting the calculated patience that underpins successful cryptocurrency investing.

As bitcoin nears six-figure valuations, the movement of old coins serves as a testament to the network’s resilience and transformative potential. These redistributions not only capture attention but also subtly influence market liquidity and sentiment, further highlighting how long-term holders shape the broader cryptocurrency ecosystem with their well-timed decisions.