A Bitcoin investor who held onto their coins through the March 2020 COVID-19 market crash has moved approximately $377.6 million worth of BTC after keeping the funds largely untouched for years.

The wallet transferred around 4,582 BTC to five separate addresses on Monday, according to records from blockchain explorers Arkham and mempool.space, which provide visibility into Bitcoin transactions.

Four of the destination addresses received 1,000 BTC each, while the fifth was credited with roughly 582 BTC. None of the receiving wallets had moved the funds further at the time of writing.

The coins were deposited into the wallet on March 3, 2020, after being sent from the address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. Just nine days later, escalating fears surrounding the COVID-19 pandemic triggered a market crash that drove Bitcoin down more than 40%, taking its price below $4,000. BTC has not revisited that level since.

The holdings were worth about $40.8 million when they first arrived in the wallet. By Monday’s transaction, their value had grown to approximately $377.6 million, nearly nine times the original amount.

The wallet recorded no outgoing transfers for more than four years following the deposit. Its first outflow occurred in August 2024, when it sent 0.009 BTC to the address bc1qmpjs55x326wvnvtwvkwfqqzzlyljk7ffmdw32g. The rest of the Bitcoin was returned to the original wallet.

Transfers from long-inactive Bitcoin wallets often draw attention from analysts monitoring potential signs of market volatility. CryptoQuant data and research indicate that sudden increases in indicators such as Coin Days Destroyed (CDD) and older Spent Output Age Bands have sometimes appeared ahead of price pullbacks or periods of heightened market turbulence.

When long-term holders move substantial amounts of Bitcoin, market participants may suspect that the coins could be heading toward exchanges for sale. However, these transactions can also reflect routine wallet management or security precautions, including transfers between addresses controlled by the same owner. The reason for this particular movement remains unknown.

Separately, addresses associated with the U.S. government have recently moved at least $1.5 billion in Bitcoin. There is no confirmation yet that these transfers were connected to planned sales rather than movements between wallets controlled by the government.