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Bitcoin whale that sat through the March 2020 crash moves $378 million
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- DeepHorus
A long-dormant Bitcoin wallet that survived the March 2020 Covid crash moved about 4,582 BTC, worth $377.6 million, on Monday. Blockchain data from Arkham and mempool.space show the wallet, 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x, sent the coins to five addresses. Four recipients received exactly 1,000 BTC each, while the fifth received about 582 BTC. None of the five addresses has moved the coins since the transfer.
The wallet originally received the Bitcoin on March 3, 2020, from address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. Nine days later, Covid-19 panic hit global markets, and Bitcoin plunged more than 40% to below $4,000. At the time of receipt, the holdings were worth about $40.8 million. By Monday’s transfer, their value had increased roughly ninefold.
For more than four years, the wallet sent nothing out. Its first outgoing transaction came in August 2024, when it paid 0.009 BTC to bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g and returned the rest to itself. That small test payment suggested the owner retained control. The latest movement is far larger and has drawn fresh attention.
Transfers from long-inactive whales often raise fears of selling and market volatility. CryptoQuant data shows that surges in Coin Days Destroyed and older Spent Output Age Bands can precede price corrections or sharp swings. Large moves from old wallets are sometimes read as preparation to sell. However, they can also be routine security measures, such as shifting coins between addresses owned by the same person.
The purpose of Monday’s transfer remains unclear. None of the five receiving addresses has forwarded the Bitcoin, so no immediate sale has been confirmed. Recently, addresses linked to the U.S. government moved Bitcoin worth at least $1.5 billion, with similarly unclear intent. Analysts will likely monitor the new addresses for further activity.
If the coins move again, especially to exchanges, it could signal selling pressure. If they stay put, the transfer may have been an internal reorganization. Either way, the event highlights how old Bitcoin supply can unsettle markets. The market’s next move may depend on whether this whale’s coins remain dormant or enter circulation.
