A Bitcoin wallet holding 411.45 BTC moved its entire balance to a new address on Sunday at 18:23 UTC, according to Arkham Intelligence. The transfer, valued at approximately $34 million at the time, marks the wallet’s first activity since September 2013, when it acquired the coins at $131 per Bitcoin.
The owner held the position through 13 years of market cycles, including three Bitcoin halvings, the 2017 bull run, the 2022 FTX collapse, and the 2024 spot Bitcoin ETF launch. The coins appreciated roughly 600 times in value over the holding period.
Migration to Modern Security Standard
The wallet transferred its balance from an outdated address format to a SegWit (P2WPKH) address, a modern standard that offers improved security and lower transaction fees. The owner paid 337 satoshis in transaction fees for the move.
The funds have not moved to a cryptocurrency exchange, according to Arkham Intelligence data. This pattern aligns with similar dormant wallet awakenings observed in 2025, which typically resulted in migrations to private wallets rather than market sales.
Broader Whale Activity
The Sunday transfer occurred one day after two other dormant wallets moved a combined 417 BTC. The week prior saw additional large whale wallet migrations, suggesting a broader pattern of long-term holders consolidating or reorganizing holdings.
The original wallet had accumulated dozens of small deposits over its 13-year dormancy, several originating from addresses labeled as phishing attempts using address poisoning tactics. The migration to SegWit removes the wallet from exposure to these vectors while maintaining the owner’s custody of the asset.
