The funds were transferred to a previously unidentified wallet rather than a known exchange deposit address, providing no indication that the holder has sold the Bitcoin.
DORMANT WHALE — 5,000+ BTC reawakening after years dormant
In the post, Galaxy Research identified the sending address as "Noah Doe #27 – Salomon Client Dusted," linking the wallet to addresses included in the firm's investigation of the Noah Doe litigation earlier this year.
The transfer also moved the coins from a legacy address beginning with "1" to a newer bc1q address format, which supports lower fees and modern wallet standards.
"This year, Bitcoin has seen an unprecedented amount of coins change hands," CryptoQuant analyst J.A. Maartun told Decrypt. "I call this the 'great redistribution,' during which Bitcoin held by long-term holders has been transferred to new owners in several waves."
