Dormant Bitcoin Whale Awakens After 8 Years, Sparks Market Speculation

The crypto market is once again buzzing after a long-dormant Bitcoin whale resurfaced following eight years of inactivity, moving a massive 400 BTC to the OKX exchange. This rare on-chain activity has drawn widespread attention, as the transaction reportedly generated an estimated profit of $30.4 million, reigniting discussions around whale behavior and its impact on Bitcoin price trends.

According to on-chain data shared by analytics platform Onchain Lens, the Bitcoin whale transferred the entire 400 BTC stash—valued at approximately $34.92 million at current prices—to an OKX-linked wallet. Historical records show that the coins were originally accumulated eight years ago at a much lower valuation of roughly $4 million. The wallet had received two separate inflows of 200 BTC each from HTX, worth about $2 million per transaction at the time, before going silent for nearly a decade.

The sudden movement of such a large amount of Bitcoin has fueled speculation that a major sell-off could be imminent. If the whale decides to liquidate these holdings, it could exert short-term selling pressure on the market, potentially triggering increased volatility or even a temporary Bitcoin price correction. This development also coincides with bearish commentary from long-time Bitcoin critic Peter Schiff, who recently reiterated his view that Bitcoin’s price upside is exhausted.

Notably, this is not an isolated incident. Several dormant Bitcoin wallets have become active in recent weeks, suggesting a broader trend of long-term holders re-entering the market. Reports indicate that another inactive wallet moved 200 BTC—worth around $18.5 million—to Binance after nearly three years, while a separate whale withdrew 171 BTC from the same exchange, a move often interpreted as accumulation.

Additionally, data shows that large Bitcoin holders have offloaded roughly 36,500 BTC, valued at about $3.37 billion, since early December. This wave of whale activity comes amid heightened market volatility following the recent crypto market crash, leading investors to closely monitor on-chain signals for clues about future Bitcoin price direction.