A cryptocurrency wallet that had been dormant for eight years has transferred 5,908 Bitcoin (CRYPTO: $BTC) worth $383 million U.S., signalling a potential sale.
Media reports say that the wallet, identified as "138EM ReyiT" has moved its entire holding of 5,908 BTC to a new address, with no signs that they have been sent to a crypto exchange.
Arkham data shows the crypto wallet originally received the Bitcoin in December 2017, when BTC traded near $16,800 U.S. The holdings were worth $99.6 million U.S. at that time.
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Now, the Bitcoin holding is worth $383 million U.S. with Bitcoin trading right around $64,000 U.S. per digital token.
Analysts are watching movements and sales from dormant crypto wallets that have been inactive for long periods of times.
Large sales, such as the $383 million U.S. worth of Bitcoin in this case, could put downward pressure on the price of the largest cryptocurrency by market capitalization.
Arkham data shows the Bitcoin was transferred to a newly created, unlabeled address rather than a known exchange, indicating there are no plans for an immediate sale.
Cryptocurrencies must be moved to an exchange before they can be sold on the open market.
There is speculation online that the owner of the Bitcoin is looking to upgrade their crypto wallet after a long period of time rather than planning to sell the digital asset.