Dormant Bitcoin whale last active at $12 per BTC awakens sending funds to Kraken

A long-dormant Bitcoin whale has resurfaced, moving funds untouched since 2012.

On Sept. 11, blockchain tracker Lookonchain revealed that three connected addresses shifted 137 BTC, worth about $15.6 million, out of a cache of 955 BTC (equivalent to $108 million).

According to the firm, a small portion of the funds, 5 BTC, was sent to Kraken, suggesting an intent to sell.

Notably, the addresses were last active when Bitcoin traded at just $12 per coin, leaving their combined balance valued at around $10,000 at that time.

However, with BTC price near $113,000 as of press time, that same stash is currently worth more than $108 million, according to CryptoSlate’s data. This represents a gain of over 10,000% in just over a decade.

Dormant Bitcoin wallets resurface

This movement fits into a recent trend of long-dormant Bitcoin wallets reawakening after several years of inactivity.

For context, CryptoSlate reported that Galaxy Digital executed a $9 billion Bitcoin sale in July linked to a Satoshi-era holder. Another whale investor steadily rotated billions from Bitcoin into Ethereum in August, causing a brief market decline for the top crypto.

In addition, CryptoQuant analyst JA Maartunn pointed out that these transfers are not isolated cases, as more than 604,000 BTC aged three to five years have moved on-chain since March.

This surge in wallet activity marks one of the most significant behavioral shifts among long-term Bitcoin holders in recent memory. Investors in this cohort typically endure multiple market cycles without moving their coins, so their sudden transfers carry weight.

Against that backdrop, many analysts see the transfers as profit-taking, with holders choosing to lock in gains as Bitcoin breaks through the $110,000 mark to new highs.

However, others interpret the activity differently. They suggest it reflects portfolio rebalancing of rotating capital from Bitcoin into Ethereum and select altcoins as institutional demand for crypto rises.

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