Two long-dormant Bitcoin whales moved 3,422 BTC—worth roughly $324.2 million—early Tuesday morning.

Both wallets had been inactive since 2014, when Bitcoin traded at well under $1,000, and the two transfers represent some of the largest movements by dormant Bitcoin whales observed in several years.

The identity the wallet owners and the reason for the move are unknown at the time of writing. It is also unknown if the wallets were owned by the same person or if they are in any way connected.

According to data from on-chain tracker Spot On Chain, one of the whales, “1NWPS,” resurfaced after 10.5 years, moving 2,343 Bitcoin (roughly $222.2 million). The other whale, “1PiEK,” resurfaced after 11.75 years, moving 1,079 Bitcoin (about $102.5 million).

This surge in whale activity aligns with a particularly high activity for Bitcoin whales. Research from CryptoQuant released in April of this year found that during the first three months of 2025, over twice the amount—110% more—of long-dormant Bitcoin had been moved compared to the same period in 2024.

The analysts’ on-chain data found that 62,800 BTC aged over 7 years were transferred between January and March 2025, compared to 28,000 BTC during Q1 2024.

The recent transfers follow one of the largest old-school whale resurgences ever recorded being spotted just months ago. In late March, a wallet inactive since 2016 moved over 3,000 Bitcoin in a series of consecutive transfers, worth over $250 million at the prices of the time, according to on-chain analyst Arkham Intelligence.

Meanwhile, another Bitcoin whale moved 50 BTC for the first time in 15 years late last month, having purchased them at less than $0.10, netting them a theoretical gain of more than 93,000,000%.

Why Do Bitcoin Whales Resurface?

It can be difficult to understand why whales suddenly become active after long hibernations, due to the often anonymous nature of the wallet owners.

However, common reasons can include the owners wishing to take advantage of historically high prices by selling off Bitcoin.

But it can also simply be a crypto owner reshuffling their holdings—for example, moving their assets to or from a hardware-based cold wallet. Other possible reasons for long-dormant wallets coming to life include owners reclaiming their lost or forgotten keys or hardware wallets.

Edited by Stacy Elliott.