Long-Dormant Bitcoin Wallet Moves $378 Million After March 2020 Crash

A Bitcoin (BTC) wallet that held its coins through the March 2020 market crash transferred about 4,582 BTC worth approximately $377.6 million on Oct. 12, ending more than four years without a significant outgoing transaction.

The transfer was divided among five destination addresses on Oct. 12. Four destinations received 1,000 BTC apiece, and another received approximately 582 BTC. The destination wallets showed no subsequent transfers in the available records.

Blockchain records show the wallet took in the coins March 3, 2020, at a then-value of roughly $40.8 million. Nine days later, Bitcoin fell more than 40% to below $4,000 during the COVID-19 market panic.

The address made a small outgoing payment of 0.009 BTC in August 2024, with the remaining funds returned to the same wallet. The latest transfer does not establish that the holder intends to sell. Large movements from older wallets can reflect potential selling pressure, a security move or an internal transfer between addresses controlled by the same owner.