Dormant 2017 Bitcoin Wallet Moves $383M After Eight Years of Silence

Woofun AI reports that a dormant Bitcoin wallet, identified by the address '138EM…ReyiT' and tracked by Lookonchain and Arkham, executed a massive transfer of 5,908 BTC after eight years of inactivity since the 2017 market peak.

The transaction occurred on Wednesday, moving assets valued at $383 million. This capital had been acquired at an average price of $16,800, representing an initial investment of $99.6 million. The current valuation reflects an approximate gain of 284%, despite the asset enduring an 80% crash from its highs, dipping to $15,500 before recovering toward the $122,000 range.

Woofun AI data shows the funds were not sent to Coinbase or Binance deposit addresses, which rules out a direct exchange sale. Instead, the BTC was moved to a 'bc1q' address, a cost-efficient type often associated with a custody upgrade or key rotation. While speculation points to asset liquidation or preparation for an over-the-counter sale, no exit scenario can be confirmed.

This event mirrors another wallet inactive for more than seven years that moved nearly $188 million in BTC.

However, the evidence available so far does not support that reading as a coordinated market exit.