Bitcoin Wallet Moves $377.6 Million in First Major Transfer

A Bitcoin wallet transferred 4,582 BTC worth about $377.6 million to five addresses on October 12, in its first major movement since receiving the coins in March 2020. The recipients had not moved the funds by the time of reporting, and the transfer alone does not establish that the Bitcoin was sold or who controls the destination addresses. Blockchain records show four receiving addresses each took 1,000 BTC, while a fifth received about 582 BTC. The wallet received its full 4,582 BTC on March 3, 2020, when the holdings were worth about $40.8 million. It made a small outgoing payment of 0.009 BTC in August 2024, so the recent transaction was not its first outgoing transfer of any size. The large movement came amid reports of other Bitcoin transactions and shifting exposure between cryptocurrencies. Onchain analyst Ember said a wallet sold 837.8 BTC, worth about $69.68 million, and acquired 27,500 ETH at an average price of $2,534 through a series of trades. The wallet’s owner and motive were not identified. The reported route involved exchanging Bitcoin for USDC, moving the stablecoin through Arbitrum and buying ETH on Ethereum, rather than a single direct swap.