Bitcoin Wallets Connected to Silk Road Move Over $300 Million in BTC! Will This Create Bearish Pressure?
2025-05-07
Two Bitcoin wallets, believed to be linked to the notorious Silk Road marketplace, have moved a staggering 3,421 BTC, worth over $322 million, after lying dormant for more than ten years. These Bitcoin wallets, long associated with the early days of the darknet and crypto’s controversial beginnings, had remained untouched since 2013.
Their sudden reactivation has captured the attention of analysts and sparked questions across the market. Are these movements by long-silent whales a simple reshuffle, or could they signal a wave of selling pressure on Bitcoin?
Over $300 Million in BTC Moved After a Decade
On May 5, on-chain data showed that two separate transactions originated from Bitcoin wallets created during July 2013. Both wallets have historical links to the Silk Road — a now-defunct darknet marketplace shut down by U.S. authorities in late 2013.
In total, the two transactions moved 3,421 BTC, with an estimated value exceeding $322 million at the time of the transfer.
The first wallet sent out 2,343 BTC, valued at approximately $222 million. It executed 21 separate outputs, with the largest transfer involving 2,186 BTC sent in one transaction. Shortly after, a second wallet, created on the same date in 2013, transferred 1,078 BTC — worth about $101 million — to a new address.
Both transactions included minimal network fees, suggesting no urgency behind the movements and hinting that the transfers may be part of internal restructuring rather than preparations for a sale.
Whales Remain Silent
The receiving Bitcoin wallets have shown no further activity since the transfers were completed. No assets have moved to exchanges, and none of the funds appear to be liquidated.
While this might reassure some investors, the reactivation of these long-dormant wallets still raises eyebrows, especially given the sheer scale of the transfers and the historical context surrounding them.
Analysts note that such large movements, especially when linked to controversial origins like Silk Road, can influence market sentiment even without actual selling.
Traders often interpret whale activity as a potential precursor to price shifts. In this case, the concern is that if even a portion of these funds is sold, it could trigger bearish pressure on BTC.
The Silk Road Connection: A Look Back
The Silk Road marketplace was one of the first high-profile platforms that accepted Bitcoin for anonymous transactions, primarily for illicit goods and services.
Its founder, Ross Ulbricht, was arrested in 2013 and sentenced to life in prison, though he received a pardon from President Donald Trump in January 2025 after serving over a decade.
Earlier this year, Conor Grogan, Director at Coinbase, flagged another set of Silk Road-linked wallets holding around 430 BTC. He noted that these wallets, which had remained untouched for over a decade, still contained both Bitcoin and smaller amounts of altcoins such as Bitcoin Cash.
While Grogan acknowledged the wallets’ ties to Ulbricht, he also questioned whether the private keys are still accessible or if the funds are permanently out of reach.
Some speculate that the wallets now moving could be connected to similar individuals or entities that once operated in the early crypto space.
The truth behind who controls these wallets remains unclear, but the timing and size of the transactions have made them a central topic of conversation in crypto communities.
Is Bearish Pressure Coming?
Despite no clear signs that these BTC will be sold, some investors worry that the sudden reactivation of old Bitcoin wallets could influence market dynamics. Historically, large-scale Bitcoin transfers have often preceded price drops, as traders grow cautious about potential dumps.
However, it is also possible that the funds were moved for reasons unrelated to market activity — such as security upgrades, internal audits, or estate transfers. Until the wallets move funds to exchange or engage in active trading, the market can only speculate.
For now, Bitcoin’s price has remained relatively stable, but traders will be watching closely for any follow-up movements. The story of the Silk Road-linked wallets continues to unfold, and it serves as a reminder that crypto history is never far from today’s headlines.
Read more about Bitcoin (BTC):
Bitcoin Price (BTC), Market Cap, Price Today & Chart History
BTC to USD: Convert Bitcoin to US Dollar
Frequently Asked Questions (FAQ)
1. How much is 1 US dollar in Bitcoin today?
As of now, 1 US dollar is equivalent to approximately 0.000011 BTC, with the rate showing a 0.69% increase over the last 24 hours.
2. When did Bitcoin first reach $1 in value?
Bitcoin reached the $1 milestone between February and April 2011, marking a significant turning point from its early value of less than one cent in 2010.
3. Can people buy Bitcoin in Indonesia?
Yes, Bitcoin is widely available in Indonesia through all major exchanges, and there is also a Bitcoin ATM located in Jakarta for direct purchases.
4. Who owns the most Bitcoin in the world?
The pseudonymous creator of Bitcoin, Satoshi Nakamoto, is believed to hold the largest amount of Bitcoin, estimated at around 1.09 million BTC, making him the biggest known whale in the ecosystem.
Disclaimer: The content of this article does not constitute financial or investment advice.
