Pre-COVID Bitcoin Whale Wakes Up, Moves $378M On-Chain
A bitcoin holder that received coins days before the March 2020 crash has moved roughly $378 million, ending a long period of dormancy.
A bitcoin address that took custody of coins shortly before the March 2020 market crash has moved approximately $378 million worth of the asset on-chain, according to a CoinDesk report citing blockchain data.
The holdings were acquired days before the COVID-driven selloff that pushed bitcoin to multi-year lows, and the owner did not move them during the subsequent drawdown or the rallies that followed. The transfer marks the first significant activity from the stash in roughly five years.
Why dormant wallets draw attention
Long-inactive bitcoin addresses are closely watched because their age and size can hint at an early holder or an entity that accumulated during a period of low prices. Movement does not by itself indicate an intent to sell: coins may be shifted for custody, security, or operational reasons, and transfers to exchanges are typically treated as the more meaningful signal.
On-chain transfers of this size are routine enough that they rarely move spot prices on their own, but they remain a useful reference point for tracking how supply held since the 2020 crash is behaving.