This is the largest movement of “sleeping” coins since 2024. We break down why the whale chose to move such a large sum in July 2026.
On July 15, 2026, a crypto wallet inactive for more than eight years transferred 5,908 bitcoin worth roughly $383M at a price of $64,800.
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The coins were received in December 2017, when bitcoin (BTC) was trading around $16,000. At that time, the holding was worth about $100M. Since then, the assets have appreciated nearly fourfold, generating more than $283M in unrealized profit.
In October 2025, the same portfolio was valued at $726M. The funds were moved to a new, unidentified address not linked to a cryptocurrency exchange–suggesting no direct sale has taken place.
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How ‘Sleeping’ Whales Manage Their Bitcoin Assets
The wallet, identified as “138EM…ReyiT,” moved funds to an address starting with “bc1q,” a newer format that offers lower fees and was practically unavailable in 2017. Such transfers between own wallets are used by large holders to upgrade storage systems, rotate keys, settle estates, or prepare OTC trades that don’t touch public order books.
The move is notable because the wallet remained inactive through every key cycle: bitcoin’s 80% drop to $3,200 in 2018, the rise to $69,000 in 2021, the crash to $15,500 in November 2022, and even last year’s rally above $122,000.
Earlier this week, another long-dormant wallet–inactive for 16 years–moved 40 BTC▲$62,630.00. Those coins, mined in bitcoin’s early years, have appreciated more than 1 million times. A week earlier, another whale moved about $188M in BTC after more than seven years of dormancy.
According to Galaxy Research, the “great redistribution” of old bitcoin is largely complete. In 2026, the volume of such “woken” coins is less than half last year’s level. K33 estimates that early investors sold a record $300B in bitcoin in 2025.
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What This Means for the Market: Old Wallets Awaken as Liquidity Falls
The activation of long-dormant wallets comes as crypto market liquidity declines. Bitcoin has lost nearly 50% from its October 2025 peak and now trades around $64,000.
Companies with crypto reserves are struggling, as most bought assets above current prices. Strategy, the largest corporate holder, has been forced to sell bitcoin to maintain financial stability.
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