A long-dormant Bitcoin wallet has transferred 5,908 BTC worth about $382.7 million after remaining inactive for more than eight years, according to on-chain data tracked by Lookonchain using Arkham Intelligence.
The transaction occurred on July 16, with the funds moving from wallet 138EM…ReyiT to a newly created address. At the time of writing, the receiving wallet has not moved the coins further, leaving the owner’s intentions unknown.
A #BitcoinOG transferred 5,908 $BTC($382.67M) to a new wallet after being dormant for 8 years.
The OG received 5,908 $BTC 8 years ago when $BTC was trading at $16,865 and had held it ever since.
The position is now up $283M (+284%).https://t.co/x77s7oSDhC pic.twitter.com/bw4dUN7y13
— Lookonchain (@lookonchain) July 16, 2026
Blockchain records show the wallet received the 5,908 BTC in December 2017 when Bitcoin traded at about $16,800 per coin. The holdings were worth nearly $100 million at the time but have since grown to almost four times that value as Bitcoin continues to trade above $64,000.
Dormant Bitcoin wallet comes back to life
The transfer is the latest example of an early Bitcoin holder, often referred to as a “Bitcoin OG,” moving coins after years of inactivity.
Large movements from long-dormant wallets usually attract attention because they involve significant amounts of Bitcoin that have not been seen on-chain for years. While such transactions often raise concerns about possible selling, they can also represent wallet upgrades, security changes, or transfers to new self-custody addresses.
In this case, the BTC remains in the new wallet, with no signs that the assets have been sent to a cryptocurrency exchange.
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Could the transfer indicate a Bitcoin sale?
There is no evidence that the whale plans to sell the coins. However, traders typically watch large on-chain transfers closely because deposits to exchanges can increase selling pressure.
Earlier this week, another dormant Bitcoin wallet moved around $188 million worth of BTC after more than seven years of inactivity, adding to a growing number of old wallets becoming active again.
Although these transfers often trigger speculation, many end without any market sale, making it too early to draw conclusions from wallet activity alone.
Whale activity returns as Bitcoin holds above $64K
Bitcoin traded around $64,700 during the latest transfer, slipping slightly over the previous 24 hours while remaining within its recent trading range.
The return of dormant wallets shows the big gains made by early Bitcoin investors. Coins acquired when Bitcoin traded below $20,000 are now worth several times their original value, reflecting the asset’s long-term growth despite multiple market cycles.
Earlier this month, Two Ethereum wallets that had remained untouched since the blockchain’s inception in 2015 have suddenly been activated, moving a combined 1,140 ETH valued at approximately $2.9 million according to Whale alerts.
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