Bitcoin whale moves $383 million in BTC after 8 years of dormancy: onchain data

A bitcoin (BTC) whale has awakened and moved $382.7 million worth of BTC after remaining inactive for eight years and six months.

According to onchain analytics provider Lookonchain, citing Arkham data, the OG wallet "138EM…ReyiT" transferred 5,908 BTC to a new address at 7:15 p.m. Wednesday ET. The funds remain in the recipient address.

The wallet originally received the 5,908 BTC in December 2017, when bitcoin was trading at around $16,800 — valuing the holdings at roughly $99.6 million at the time. At current prices, the holdings are worth nearly four times as much.

Earlier this week, another bitcoin whale moved roughly $188 million worth of BTC after more than seven years of dormancy. While the whales' intentions remain unclear, market participants often view such transfers as potential precursors to token sales.

The world's largest cryptocurrency edged down 0.2% over the past 24 hours to trade at $64,769 as of 2:30 a.m. Thursday, according to The Block's BTC price page.