Digital currency markets moved in step with U.S. equities on Thursday, absorbing the weight of an ongoing pullback tied to worries over a potential artificial intelligence (AI) bubble.
The broader crypto sector declined by 1.95%, and BTC slipped beneath the $100,000 range. During this stretch, a veteran whale decisively shifted 603 bitcoin—worth just over $60 million—for the first time in more than nine years. Throughout 2025, a steady stream of OG bitcoin movements has surfaced while the asset has largely hovered above the $100,000 threshold.
Some transfers have most definitely headed toward exchanges or custodians, while others appear tied to consolidation efforts or migrations to newer address formats amid rising concerns about quantum-computing risks. This particular stash moved in two separate transactions.
Read more: Long-Sleeping Bitcoin Wallet Reemerges After 9 Years, Moves 216 BTC Worth $22.47M
The first transfer appeared in block 923366, where a P2PKH (Pay-to-PubKey-Hash) wallet created on Aug. 11, 2016, sent 103 BTC to a newer P2WPKH (Pay-to-Witness-PubKey-Hash) address. In the very next block, 923367, a wallet dating back to Oct. 24, 2016, followed by moving 500 BTC to the same P2WPKH destination. The identity behind the new address remains unknown.
The new wallet holding the 603 BTC.
While the transfer could very well simply reflect consolidation or a shift to upgraded address formats, sizable movements from long-silent wallets—especially during a downturn like today—tend to rattle onlookers. These actions spark fresh speculation about intent, timing, and market sentiment. Even with no clear sign of selling, the reawakening of deep-cold holdings inevitably stirs unease and keeps traders alert to what might follow next.
- Why did the long-dormant bitcoin wallet move its funds?
The reason is unclear, though consolidation or upgrades to newer address formats are likely. - How much bitcoin was transferred in this whale move?
The wallet shifted 603 BTC, valued at just over $60 million. - Does the transfer signal an imminent sell-off?
Right now, there’s no evidence of selling, but large dormant-wallet moves often raise concern. These funds could be shifted to an exchange at any time now, especially now that they are off the radar of dormant BTC parsers. - Why did this happen as bitcoin fell below $100,000?
The timing is uncorrelated, though such moves often draw attention during market downturns.
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