After more than 10 years of holding, an investor has transferred $40 billion worth of Bitcoin to a new wallet amid a cryptocurrency recovery.
A Bitcoin (BTC) “whale” has suddenly become active again. In the field of cryptocurrency, this term is used to refer to wallets that hold large amounts of Bitcoin, each of whose transactions has an impact on the market.
On May 10, a digital wallet transferred 500 BTC, equivalent to 40 billion USD, to a new address after more than 10 years of no transactions. According to blockchain tracking service Whale Alert, the wallet has been inactive since November 2013, when the Bitcoins were purchased and then held for more than 10 years.
The reason behind this move to transfer digital currency is currently unknown. Investors with large holdings often move assets between wallets to manage addresses or increase security, but sometimes this can also be a sign that they are preparing to sell or move to an exchange. In this case, the wallet receiving the BTC has not been identified as belonging to any major exchange.
“Hibernating” Bitcoin wallets have reappeared in increasing numbers since BTC surpassed $100,000 in late 2024. Over the past year, many early investors and miners began moving long-term coin holdings and some later took profits after the sharp rise of the world’s largest cryptocurrency.
This trend peaked last July, when blockchain analysis firms discovered eight Satoshi-era wallets, each holding 10,000 BTC, became active again for the first time in 14 years. Those transactions took place in the context of Bitcoin’s market price anchored at over $100,000 and near its historical peak. Wallets created before Bitcoin creator Satoshi Nakamoto disappeared from the community in April 2011 are called “Satoshi era” wallets.
Bitcoin rose 11.8% last month, its biggest gain since April 2025. The upward momentum extended by nearly 6% to over 81,000 USD as of today.
The rally in the world’s largest cryptocurrency has been accompanied by growing risk-taking on Wall Street, as the tech-heavy Nasdaq index has surged 22% since early April, hitting its highest level in history. The S&P 500 index also increased more than 12%.
Booming AI investment spending and surging large-cap tech profits have buoyed the Nasdaq, driving demand for other emerging assets like Bitcoin. US-listed spot ETFs have raked in billions of dollars in recent weeks amid a Nasdaq rally.
Alvin Kan, Chief Operating Officer at Bitget Wallet, said that the current upward momentum shows that ETF and institutional capital flows into Bitcoin are increasingly sustainable. The parallel recovery between stocks and cryptocurrencies also shows that the new asset channel is increasingly tied to macro liquidity and innovation cycles rather than pure retail sentiment.
Bitcoin and Nasdaq are famous for their close relationship. Initially, the cryptocurrency market was quite independent, less dependent on Wall Street and traditional financial markets. However, after the Bitcoin spot ETF launched two years ago and was quickly institutionalized, BTC’s price movements have gradually integrated, becoming closer and reflecting the trends of the broader financial market.