Bitcoin Whale Awakens: 3,422 BTC Moved After 12 Years of Dormancy

On May 6, 2025, a Bitcoin address inactive for over 12 years transferred 3,422 BTC—valued at approximately $322 million—to a new address. Reported by on-chain analyst @EmberCN, the transaction originates from a wallet linked to the now-defunct BTC-e exchange, offering a rare glimpse into Bitcoin’s early era and the significant value locked in dormant addresses.

Blockchain data confirms the address last saw activity in January 2012, when it withdrew 3,422 BTC from BTC-e, a prominent early Bitcoin exchange shuttered in 2017. At the time, Bitcoin’s price was around $13.5, making the stash worth about $46,000. Today, with Bitcoin trading at $94,254, the holdings have grown to $322 million, a 7,003-fold increase, according to CoinMarketCap.

The transfer occurred in a single transaction, recorded on May 6, 2025, within a three-hour window, as verified by Arkham onchain explorer.

Source: Arkham

The recipient is a newly created address with no subsequent activity, and no public information indicates the owner’s identity or intent. Such moves often involve custody changes, wallet consolidation, or preparation for future transactions, though no further details are available.

The reactivation of long-inactive Bitcoin wallets is not uncommon. According to IntoTheBlock, in 2024, over 30% of Bitcoin’s 19.86 million circulating supply—approximately 5.9 million BTC—remained unmoved for five years or more, effectively reducing the active supply. According to CryptoQuant’s data, the first quarter of 2025 saw a sharp increase in the movement of very old Bitcoin. Specifically, around 62,800 BTC dormant for over seven years were transferred during this period. Compared to the same period in 2024, the volume of these long-held coins changing addresses surged by an impressive 121%.

This around $5.9 billion in moved BTC suggests long-term holders may be responding to Bitcoin’s 178% price rise in 2024. Concurrently, Santiment reports that whale wallets (10 to 10,000 BTC) continued accumulating, adding 19,255 BTC in the week before April 25 alone, offsetting dormant coin movements.

BTC-e, operational from 2011 to 2017, was a pivotal platform for early Bitcoin trading until its closure after founder Alexander Vinnik’s arrest for allegedly laundering $4 billion in BTC. Its minimal verification attracted miners, traders, and speculators during Bitcoin’s sub-$100 days. The reactivated wallet likely belongs to one such user, though no evidence confirms their identity or motives.

The transfer’s long-term impact depends on the owner’s next steps. If the BTC remains in the new address, it may signal consolidation or enhanced security. If sold, it could introduce short-term selling pressure, though Bitcoin’s $1.87 trillion market cap absorbs such volumes readily. For now, the $324 million move is a compelling reminder of Bitcoin’s transformative wealth creation over its 16-year history.