On Sunday, the wallet transferred a total of 50,000 ETH, valued at roughly $145 million at current prices. The movement unfolded in two separate transactions, each totaling 25,000 ETH, executed within hours of each other.

A Wallet That Stayed Silent for Years

Blockchain analytics firm EmberCN identified the address as “0xb5…Fb168D6,” noting that it had remained inactive since 2017. At that time, the wallet withdrew approximately 135,000 ETH from Bitfinex, when ether was trading near $90.

The contrast is striking. What was once a portfolio worth just over $12 million has since appreciated dramatically, turning the address into one of the more notable legacy holders on the network.

Exchange Transfer Draws Attention

The latest transactions were sent to a wallet linked to Gemini, according to onchain data referenced by EmberCN and Arkham Intelligence. Transfers involving long-dormant wallets and centralized exchanges are often watched closely, as they can signal changes in portfolio strategy rather than routine internal reshuffling.

Following the transfers, the address still holds approximately 85,283 ETH, leaving a substantial balance untouched. The remaining holdings suggest the move represents only a partial repositioning rather than a full exit.

Old Wallets Stir Across Crypto Markets

The Ethereum activity comes as similar behavior has emerged elsewhere in the crypto market. Last week, a Bitcoin wallet inactive for more than 13 years moved 909 BTC, worth roughly $84 million, to a new address, reinforcing the sense that early-era holders are becoming more active.

Such movements do not always translate into immediate selling pressure, but they tend to increase short-term uncertainty as markets reassess supply risks tied to legacy holders.

Price Reaction Remains Measured

Despite the headline-grabbing transfer, market reaction has remained relatively contained. Ether fell around 2.8% over the past 24 hours to trade near $2,859 at the time of writing, while bitcoin slipped roughly 1.4% to $87,611.

For now, prices suggest caution rather than panic. Still, the reappearance of wallets untouched for nearly a decade adds another layer of tension to an already fragile market backdrop, particularly if additional transfers follow in the days ahead.

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The timing of the transfer is closely monitored, as it coincides with a renewed increase in market volatility. On-chain data suggests the whale could realize an unrealized profit of roughly $30.4 million from this move.

The transaction was confirmed through data shared by on-chain analytics platform Onchain Lens.

From Eight Years of Silence to OKX

An examination of the wallet’s transaction history shows that the whale’s last activity occurred nearly eight years ago. At the time, the total acquisition cost of the 400 BTC was approximately $4 million.

The holdings entered the wallet through two separate inflows of 200 BTC each, previously transferred from HTX. After years of inactivity, the entire balance was moved in a single transaction to an address associated with OKX. The transfer reportedly took place around 11 hours before it was publicly identified, raising speculation about a potential sell-side move.

What remains clear is that this marks the first time the whale has sent its long-term Bitcoin holdings directly to an exchange.

Why it matters

The reactivation of long-dormant wallets is widely viewed as a critical signal for market psychology. Transfers directly to exchanges often increase the probability of short-term liquidity expansion and selling pressure. While such moves do not always result in immediate sales, they tend to influence trader sentiment and risk appetite.

In addition, the stark contrast between the original cost basis and current valuation once again highlights Bitcoin’s long-term return profile through tangible on-chain data.

Dormant Whales Return Simultaneously

This development is not an isolated case. In recent days, several other previously inactive large holders have also re-entered the market.

A Bitcoin wallet dormant for nearly three years transferred 200 BTC to Binance, while another large investor withdrew 171 BTC from the same exchange. These opposing flows suggest that selling and accumulation strategies are unfolding simultaneously.

Rather than signaling panic, the data points toward a phase dominated by strategic portfolio repositioning.

Short Positions Add to Market Pressure

On-chain metrics also indicate that some large investors are increasing short exposure alongside spot selling. Recent reports show one whale offloading 255 BTC while expanding short positions across Bitcoin, Ethereum, and Solana.

Since early December, large holders have sold approximately 36,500 BTC, representing a market value exceeding $3.3 billion. This activity, following recent sharp market swings, suggests that price discovery remains incomplete.

As uncertainty persists, further movements from large wallets are likely to remain a key factor shaping short-term market direction.

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Prison ID Sells for 11 BTC in Historic Crypto Auction

Using the Bitcoin-only marketplace Scarce City, Ross Ulbricht sold a variety of items tied to his life before and during prison. From a backpack and sleeping bag to notebooks, prison clothing, and paintings, collectors eagerly bid in BTC, driving the total proceeds past $1.8 million.

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The biggest draw? Ulbricht’s final prison ID card, which alone sold for 11 BTC (~$1.1 million). Ulbricht remarked on the photo, saying:

“The guard tried to stop me from smiling — but joy comes from within.”

Collaborative Prison Art and Collector Demand

A collaborative painting made with a fellow inmate named “Omega” sold for 1.01 BTC, while other items included hand-painted works, a prison lock, and handwritten notes.

Participants had to deposit 1% of their bid as collateral. Late bids reset the auction timer, keeping the process transparent and competitive. Bitcoin was the preferred payment method, though smaller bids via PayPal were also accepted. All payments are due by June 2.

Dormant Wallets Hold $47M in BTC

Beyond the auction, Ulbricht may still be linked to significant Bitcoin holdings. Coinbase exec Conor Grogan revealed that around 430 BTC (~$47M) across dormant wallets associated with Ulbricht were never seized by the U.S. government.

Arkham Intelligence backed the claim, identifying 14 wallet addresses linked to Silk Road, one holding over $9 million in BTC alone.

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