The coins went to a fresh address rather than an exchange, so nothing has been sold yet.
By Shaurya MalwaUpdated Jul 16, 2026, 5:39 a.m. Published Jul 16, 2026, 5:12 a.m. 2 min readMake preferred on Share this articleMake preferred on
- A long-dormant bitcoin wallet that accumulated 5,908 BTC in late 2017 moved its entire holdings on Thursday, a stash now worth about $383 million.
- The position, built when bitcoin traded near $16,000, has gained roughly 284% despite having been briefly underwater during the 2022 market crash.
- The coins were sent to a new, unidentified address rather than an exchange, suggesting the move may reflect custody changes or preparation for an over-the-counter deal rather than an immediate sale.
A bitcoin address that had not spent a coin in eight years moved 5,908 BTC worth about $383 million on Thursday, data shows.
The wallet took in the coins when bitcoin traded at around $16,000, a level the market saw in December 2017 and early January 2018, within weeks of a cycle peak near $20,000.
The stack cost roughly $100 million then and is worth about $383 million now, a gain of about 284%. It was worth $726 million at bitcoin’s lifetime in October 2025.
The entry date is what makes the holding unusual. Bitcoin fell about 80% through 2018 to near $3,200. It recovered to $69,000 in 2021, then collapsed to about $15,500 in November 2022, which briefly put this position underwater five years after it was built.
The wallet stayed shut then, and again last year when bitcoin cleared $122,000, roughly seven times the entry price. It is opening now, with bitcoin near $64,800 and about half the 2025 high behind it.
But where the coins went matters more than that they moved. Data traced by CoinDesk shows the BTC landed at a new, unmarked address - not an exchange deposit address - which indicates a direct sale has not yet taken place.
The coins left an address beginning with 1, the original Bitcoin format that dates to 2009, and landed at one beginning with bc1q, a newer type that is cheaper to spend from and was barely supported when this holder first received the coins.
Large holders shift balances between their own wallets to upgrade custody, rotate keys, settle estates, or stage an over-the-counter sale that never touches a public order book.
The cohort is also worth separating from the one CoinDesk reported on Thursday morning, where Glassnode data shows long-term holders who bought near last year's highs selling into the bounce at a loss. This holder is up 284% and has sold nothing.
Coins arriving at a Coinbase or Binance deposit address would be the first real evidence of an exit.
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