Eight-Year Dormant Wallet Moves $383 million in Bitcoin
Last Updated on 11 August 2026
A cryptocurrency wallet that has been dormant for eight years has suddenly sprung back to life. It has moved $383 million in Bitcoin to a new address.
Exactly 5,908 Bitcoin were moved on Wednesday, July 15th, 2026, to a new address, emanating from an original wallet. This equates to around $382.7 million in fiat USD. It had been inactive for eight years and six months. December 2017 was the last time movement was seen, when it took in 5,908 BTC. At this time, the cryptocurrency was trading at $16,800, which meant the value at the time was around $99.6 million. It is now worth almost quadruple that amount with gains of 284%.
Bitcoins Current Levels
Bitcoin recently managed to pull itself above the $65,000 marker. As of July 16th 2026, the Bitcoin price today stands at $64,095 due to a minor retracement. It is unlikely the movement of these wallets had any bearing on this. For some time, Bitcoin has been hovering between $60,000 and $65,000, locked in by marginally shifting domestic socio-economic factors and the impact of war in the Middle East.
What makes the buying time curious is the climate at that period. In 2018, Bitcoin dropped off, falling by 80% to $3,200. It then recovered and moved to $69,000 by 2021, falling to $15,500 in November 2022. This put the wallet down on profit, and it remained shut since, even at last year’s October highs. It is only in the current period, when Bitcoin is at almost 50% down from that high, that it has opened again.
This is not the only whale to have moved BTC this week. $188 million was also moved by another wallet. Many investors view these types of movements as precursors to sales. The selling of amounts this large creates liquidity on the market, but it can also spook others and add to selling pressure. However, as the coins went to a new, unmarked address instead of an exchange, nothing has been sold yet.
In fact, the move could be an astute one. The original wallet was an old type. As it began with a one, it dated all the way back to 2009. The more up-to-date wallet is easier to spend from and starts with bc1q. Coins arriving at a major exchange like Binance would be the first sign of a sale.
What Pushed Bitcoin Above $65,000?
What really pushed Bitcoin upward was CPI data in the US, which showed that inflation in June was not as high as many expected. This made many investors think about whether and when the FED would raise interest rates in a more positive light. Primarily, this was due to a reduction in the price of energy and gasoline. However, it is worth noting that food and accommodation continued to rise.
This is important as interest rates make investors flock to safe-haven assets that often provide a yield, as opposed to riskier ones like cryptocurrency. At the FED’s June meeting, it had targets set at 3.50–3.75%. The next meeting will be at the end of July, and this time energy prices will not have been boosted by a ceasefire, as the war in the Middle East has begun once more.
Since its spike, Bitcoin has faced a wave of selling pressure. Less than 24 hours later, it had lost 1.1%, and Ether was down by 1.7%. Other major altcoins that have also dipped are following the upward trend. A pullback on stock markets will have impacted the price as well. Long-term holders also began to use the spike to reduce exposure. Many of those who invested late last year during Bitcoin’s bull run sold off, preferring not to HODL for another day.
A second day of marginal inflows persisted for Spot Bitcoin ETF products. They brought in $107 million. This has followed a long period of sustained outflows that began in May and continued through June. Many people look at this movement to gauge sentiment towards Bitcoin and Ether, with volatile periods being confusing.
Bitcoin’s Major Tests
Yet Bitcoin is holding above the $63,000 mark. The reaction to the CPI data shows that in this period, Bitcoin’s price is being increasingly linked to macroeconomic changes. Should it lose this mark once more, it may signal further sell-offs and heavy liquidations.
A breakout test will be whether Bitcoin can manage to hold about the $65,000 marker, ideally between $65,300 and $65,400. However, retail buying has cooled significantly, meaning this may not be on the cards.
Elsewhere on the planet, further legislation could inspire confidence and push crypto prices back up. These include Japan’s Diet, which has passed the FIEA amendment. This would see digital assets placed in the same category as stock and bonds. It would also see tax on crypto moved from 55% to 20.315% as of January 2028. Insider trading rules and disclosures would also become stricter with this.