Bitcoin Whale Linked to March 2020 Market Crash Shifts $378 Million in Holdings

A Bitcoin whale that acquired its holdings shortly before the March 2020 COVID-19 crash and held through the steep decline has transferred approximately $377.6 million worth of BTC.

Blockchain data from Arkham and mempool.space shows that the wallet sent about 4,582 BTC to five addresses on Monday. Both platforms allow users to track Bitcoin transactions on the public blockchain.

Four recipient addresses received 1,000 BTC each, while the fifth received approximately 582 BTC. None of the addresses had transferred the newly received coins onward at the time of writing.

The wallet received the Bitcoin on March 3, 2020, from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. Nine days later, escalating concerns about the COVID-19 pandemic triggered a major market selloff, causing Bitcoin to plunge more than 40% and fall below $4,000. BTC has not returned to that price level since.

The coins were valued at around $40.8 million when they first arrived in the wallet. Their value had increased to approximately $377.6 million by the latest transfer, marking a gain of nearly nine times.

The wallet remained inactive for more than four years after receiving the funds. Its first outgoing transaction was recorded in August 2024, when it sent 0.009 BTC to the address bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g. The remaining Bitcoin was sent back to the original wallet.

Transfers from dormant Bitcoin wallets are frequently monitored by blockchain analysts for possible indications of market shifts. CryptoQuant data and analysis suggest that sudden increases in metrics such as Coin Days Destroyed (CDD) and older Spent Output Age Bands can sometimes precede price corrections or periods of increased volatility.

Large movements involving long-held Bitcoin can prompt speculation that an investor is preparing to sell. However, such transfers do not necessarily mean the assets will enter the market. They may instead involve security-related changes or transfers between addresses belonging to the same owner. The purpose of Monday’s transaction has not been confirmed.

In a separate development, wallets linked to the U.S. government have recently transferred at least $1.5 billion worth of Bitcoin. It remains unclear whether the activity reflects an intention to sell the assets or simply the movement of funds between government-controlled wallets.