A bitcoin whale’s large transfer moved $377.6 million worth of BTC on Monday, drawing attention to coins held through the March 2020 Covid-19 crash. The holdings had grown more than nine times in dollar value since arriving in the wallet on March 3, 2020.
Key takeaways
- The whale distributed roughly 4,582 BTC across five addresses.
- The holdings were valued at about $40.8 million when received.
- The wallet’s first outgoing payment followed more than four years of inactivity.
According to CoinDesk, blockchain records from Arkham and mempool.space show that wallet 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x sent the coins. Four recipients each received exactly 1,000 BTC, while the fifth received about 582 BTC.
The bitcoin whale’s large transfer follows years of holding
The wallet received the bitcoin on March 3, 2020, nine days before Covid-19 panic sent bitcoin down more than 40% to below $4,000. The cryptocurrency has not returned to that price since, the report noted.
The holdings were worth about $40.8 million when they arrived. Their value reached $377.6 million by Monday’s transfer, a gain of more than nine times across the holding period.
The wallet made no outgoing transactions for more than four years. Its first was a 0.009 BTC payment in August 2024, with the remaining bitcoin returned to the original wallet.
U.Today reported that the small payment went to an address labeled Cumberland DRW, identifying Cumberland as a trading firm.
Dormant-wallet movements and volatility indicators
CryptoQuant’s data and insights link sudden increases in Coin Days Destroyed (CDD) and older Spent Output Age Bands to potential price corrections or high volatility. The report also described onchain analysts flagging a relationship between movements by long-dormant whales and bitcoin market volatility.
Large transfers from old wallets are often interpreted as preparation for selling. The report also cited routine security measures, including transfers between addresses belonging to the same owner, as another explanation for this type of activity.
U.Today likewise described splitting holdings among wallets as a practice used when large holders reorganize their coins. Those are general explanations for crypto whale transactions, rather than an established motive for this bitcoin whale’s large transfer.
Other large bitcoin movements
The report placed the whale transaction alongside bitcoin movements by addresses linked to the US government. Those addresses had transferred bitcoin valued at at least $1.5 billion.
Article produced with the assistance of artificial intelligence and reviewed by the editorial team.
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