With bitcoin hovering between $83,880 and just above the $86,000 range on Thursday, a long-inactive wallet first created on March 18, 2016—exactly nine years ago this week—moved 534.94 BTC, now valued at around $45 million based on current exchange rates.
$45 Million in Bitcoin Moves for the First Time in 9 Years
Today, for the first time in nearly a decade, this substantial bitcoin cache was transferred. The activity was detected by the blockchain parsing tool btcparser.com, marking its movement at block height 888,655. The originating wallet, identified as “1PqHk,” is a legacy Pay-to-Pubkey-Hash (P2PKH) address, created on March 18, 2016.
The funds sent two outputs to 15PNyjkBcUpe8KSrKgTQsU6KHwukr8ShLb in the sum of 236.31257057 BTC and 298.62935046 BTC.
The funds were redirected to another P2PKH wallet—15PNy—where they remain as of 7:30 p.m. Eastern Time (ET) on March 20, 2025. The transaction was executed at a minimal cost of $1.12, with a fee rate of 5 satoshis per virtual byte (sat/vB). When originally acquired, the bitcoin in this wallet was worth just $222,000, meaning the holdings have appreciated by an astonishing 20,272.97%.
According to Blockchair’s privacy assessment tool, the transfer achieved a privacy rating of 90 out of 100 due to output address duplication. The bitcoin cash ( BCH) linked to this wallet had already been spent on Aug. 7, 2017. So far, this 534.94 BTC transaction stands as the largest single movement this month from a dormant wallet dating between 2009 and 2017.
The sudden movement of these long-dormant funds raises questions about the motivations behind the transfer, whether it signals a shift in strategy, renewed interest, or simple consolidation. With bitcoin’s value skyrocketing since the acquisition, the move showcases the enduring impact of early bitcoin adoption. For now, the consolidated 534.94 BTC remains untouched, leaving speculation as the only certainty.
