Simply put
- Two long-term Bitcoin wallets that had been inactive since 2014 moved 3,422 BTC, valued at about $324.2 million, on Tuesday morning.
- In the first quarter of 2025, long-term movements of Bitcoin increased by 110% compared to the same timeframe in 2024.
- The owners of these wallets remain unidentified, but it’s common for dormant whales to wake up when prices rise.
Recently, two long-term Bitcoin wallets transferred a significant amount of 3,422 BTC, which is around $324.2 million.
Both wallets had been inactive since 2014 when Bitcoin was trading below $1,000. This transfer marks one of the largest movements by dormant Bitcoin holders in recent years.
At this point, we don’t know who owns these wallets or the reasons for the transactions. It’s also uncertain if they belong to the same individual or if there’s any connection between them.
According to chain tracking data, one of the wallets, known as “1NWPS,” reactivated after 10.5 years, moving 2,343 Bitcoins (approximately $222.2 million). Another wallet, “1piek,” came back 11.75 years later, transferring 1,079 Bitcoins (about $102.5 million).
⚠️ $324.2M in #bitcoin Move after more than 10 years of dormant!
In the last 3 hours, two Satoshi-Era whales that have been inactive since 2014 have transferred 3,422 $BTC ($325M) to a new wallet:
💎 Whale “1NWPS” woke up 10.5 years later, moving 2,343 $BTC (~$222.2M).
💎 Whale… pic.twitter.com/ukb78wjdxp
– Chain Spot (@spotonchain) May 6, 2025
This uptick in whale activity aligns with a notable increase in Bitcoin transactions. Data from Cryptoquant indicates that over the first three months of 2025, more than twice as much long-term Bitcoin movement occurred compared to the same period in 2024.
On-chain analysis found that 62,800 BTC were transferred over a seven-year span from January to March 2025, compared to only 28,000 BTC in the first quarter of 2024.
The latest transfer follows one of the largest revivals of dormant wallets we’ve seen, noted a few months back. In late March, multiple wallets that had been inactive since 2016 saw over 3,000 Bitcoins being moved. This was valued at more than $250 million at the time according to on-chain analyst Arkham Intelligence.
A $250 million Bitcoin Zilla will wake up in 8 years
Bitcoin Zilla, which has owned BTC since late 2016, only surpassed $250 million in BTC last night.
His Bitcoin stack has grown from $3 million in early 2017 to over $250 million today. He has held Bitcoin at one address for more than eight years. pic.twitter.com/rf1aewyvgy
– Arkham (@arkham) March 22, 2025
Additionally, another Bitcoin wallet moved 50 BTC for the first time in 15 years last month, originally buying the coins for less than $0.10, resulting in a theoretical gain of over 93,000,000%.
Why do Bitcoin wallets reactivate?
Since the wallet owner’s identity is anonymous, understanding why these whales suddenly become active after long periods of dormancy is quite challenging.
However, typical reasons might include wanting to sell Bitcoin at historically favorable prices. Or perhaps they simply want to reorganize their holdings, like transferring assets to cold storage. Sometimes, it could be that the owner has regained access to a lost wallet or hardware.
