A Bitcoin whale wallet, dormant for over five years, recently transferred 8,000 BTC, worth $536.5 million, from Coinbase cold storage. The transaction, which occurred on June 11, saw the funds moved to a Bitcoin wallet address, then to a Binance Deposit address. The wallet had received the funds in 200 BTC increments between October and December 2018. With Bitcoin's current price over $67,409, the transfer represents a +1,700% increase from the average acquisition price of $3,750 in 2018.

This reactivation of long-term dormant Bitcoin wallets is often due to investors and old miners selling their assets for profit. For example, on April 7, a decade-long dormant Bitcoin whale moved about 246 BTC, selling at over 230,000% return on investment. Old miners are also waking up large holdings. On March 27, a 14-year dormant miner's wallet moved about 2,000 BTC received as mining rewards in 2010, with the value of the stash surging to $140 million.

The awakening of dormant wallets is a positive sign, indicating the potential for increased market activity. However, it's worth noting that around 1.8 million Bitcoin addresses have remained inactive for over a decade, some of which may be lost due to forgotten passphrases.