A wallet that received Bitcoin days before the pandemic crash in March 2020 has transferred approximately 4,582 BTC to five different addresses. The transfer, which took place on Monday, October 12, was worth around $377.6 million. None of the receiving addresses had moved the Bitcoin onward at the time of writing.
According to data from Arkham and mempool.space, the funds came from the address “18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x.” Four addresses received exactly 1,000 BTC each, while the fifth received approximately 582 BTC. The purpose of the transfer and the identities behind the receiving addresses remain unclear.
Bitcoin Held Through the Pandemic Crash Is on the Move
The Bitcoin arrived in the wallet on March 3, 2020. Records show that the funds came from the address “17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot.” At the time, the holdings were worth approximately $40.8 million.
Just nine days later, panic surrounding the coronavirus pandemic swept through global markets. Bitcoin fell more than 40% during the sell-off, dropping below $4,000.
Despite the crash, the wallet did not send any Bitcoin out during that period. The holdings remained largely at the same address through the market’s sharp rallies and declines in subsequent years.
Their total value rose from approximately $40.8 million in March 2020 to $377.6 million at the time of the latest transfer. That represents an increase of roughly 9.3 times in dollar terms.
However, this comparison does not establish the wallet owner’s actual investment return. The date the Bitcoin arrived at the address may differ from its purchase date, so the available information does not reveal the owner’s cost basis.
The Wallet’s First Outgoing Transaction Took Place in August 2024
The wallet’s transaction history contains a small but significant detail. After making no outgoing transfers for more than four years following the March 2020 deposit, the address recorded its first outgoing transaction in August 2024.
That transaction sent just 0.009 BTC to another address. The remaining Bitcoin returned to the original wallet as change.
It would therefore be inaccurate to describe the latest movement as the first transfer from a wallet that had been completely inactive for more than six years. What makes the October transaction stand out is the distribution of thousands of Bitcoin, held at the same address for years, across five addresses.
The lack of further movement from the receiving addresses is another point to monitor. However, their inactivity provides no definitive indication of the owner’s next step.
A Large Transfer Does Not Confirm a Sale
Movements of long-held Bitcoin can fuel discussions about potential selling pressure. For this reason, wallets holding substantial amounts attract close attention from on-chain analysts.
However, a transfer from one wallet to another does not, by itself, prove that a sale has taken place. The same individual or institution may move funds between addresses for security reasons or to change custody arrangements.
In this case, there is no confirmation that the five receiving addresses belong to different people. The available information is insufficient to conclude that the wallet owner is preparing to sell the Bitcoin.
An increase in the movement of older Bitcoin is one of the signals analysts consider when assessing potential volatility. However, a single large transfer cannot determine the direction of prices.
The central question remains why the 4,582 BTC was moved. Further activity from the receiving addresses and any potential links to exchanges will be key to understanding the nature of the transfer.
At the time of writing, Bitcoin is trading at $83,216.67.
