A mysterious bitcoin investor has moved their multi-billion dollar stash for the first time in more than 14 years.

Data from bitcoin’s blockchain – the online ledger that tracks crypto transfers – revealed that three addresses originating from the same owner moved a total of 23,377 BTC on Thursday and Friday.

The last time the cryptocurrency was moved, in April 2011, the price of bitcoin was just $0.78, with the total holdings worth around $18,000 (£13,000).

Bitcoin is currently trading close to an all-time high of around $112,000, representing a roughly 14 million per cent markup for the holdings, which are now worth roughly $2.5 billion.

Despite the public nature of bitcoin’s blockchain, it is not possible to see the identity of the person or organisation making the transaction.

Blockchain analysts have speculated that the reason for the transfer was to move the holdings to a more secure online wallet, with no suggestion that the owner intends to cash-in on the huge profits.

“[The] transfers were possibly related to address upgrades,” blockchain analytics firm Arkham said in a post to X. “There are no indications that this whale is selling bitcoin.”

The sudden activation of the dormant accounts comes amid massive institutional investment in the cryptocurrency, which market watchers are referring to as the “great bitcoin power shift”.

This is where large holders, known as whales, who have held bitcoin from its early days have begun to sell some of their holdings to take advantage of the record prices. At the same time, major institutions and traditional investment funds have been diversifying their portfolios by buying up bitcoin.

The trend has been enabled by a landmark decision by US regulators in 2024 to open up bitcoin to institutional investors through spot exchange-traded funds (ETFs). The price of bitcoin has risen three-fold since the Securities and Exchange Commission (SEC) approved the first wave of ETFs 18 months ago.

“Bitcoin is now embedded in the foundations of global finance, and it’s showing remarkable resilience amid ongoing geopolitical uncertainty,” Dom Harz, co-founder of decentralised finance firm BOB, told The Independent.

“What’s particularly telling is the sustained institutional interest, especially from public companies purchasing bitcoin as a treasury asset… This is a powerful signal of long-term conviction.”