Jul 16, 2026, 5:12 a.m.
2 min read
Summary
- 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. 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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