Dormant Bitcoin Whale From March 2020 Crash Era Moves $378M
A wallet that received bitcoin days before the Covid-driven market crash and held through it has moved about $378 million on-chain, CoinDesk reports.
A bitcoin wallet that took delivery of coins in the days just before the March 2020 market crash has moved roughly $378 million worth of the asset, according to on-chain data cited by CoinDesk. The holder had kept the coins in place through the volatility that followed.
The timing of the original acquisition places the wallet's last known inflow in early March 2020, when bitcoin and most risk assets were selling off sharply as Covid-19 spread and global markets repriced. Rather than exiting during that drawdown, the address remained dormant through the crash and the multi-year recovery that came after.
Why dormant whales draw attention
Long-idle addresses are watched closely because they represent supply that has been effectively off the market. When such a wallet becomes active, traders often treat it as a signal about possible future selling, even though a transfer by itself does not confirm any trade has taken place.
On-chain movements can reflect a variety of actions, including a change of custody arrangements or preparation for an over-the-counter transaction, and a transfer between wallets is not the same as a sale on an exchange. The size of this transfer places it among the larger single movements recorded recently.