Two dormant Silk Road-linked wallets on May 5 moved 3,421 Bitcoin worth approximately $322.5 million.

Whale Alert noted the wallets were first activated in July 2013, marking their first transaction in over a decade since inception.

Two dormant Silk Road-linked wallets on May 5 moved 3,421 Bitcoin (BTC) worth approximately $322.5 million, according to data from blockchain analysis firm, Chainalysis.

The wallets, which were first activated in July 2013, have not seen any activity since inception, marking the first transaction in over a decade.

The new addresses that received the funds remain idle, while the original wallets reflect a zero balance.

The transactions included a minimal fee of 0.000105 BTC, suggesting a non-urgent transfer with internal restructuring rather than immediate plans to liquidate assets.

The two separate transactions, spotted by multichain explorer and analytics tool Blockchair, took place on Monday.

The initial transaction, which involved 2,343.481 BTC, originated from a PayToScriptHash (P2SH) wallet that was created on July 11, 2013, during the early days of the Silk Road saga.

Data also showed that the first wallet to send funds executed 21 outputs, with 30 routed to a newly generated wallet. The total value of the digital assets exceeded $221 million at the time of the transfer.

The second transaction, which involved 1,078.99 BTC, went to a wallet that was also initialized on July 11, 2013. The funds were transferred at block height 895,433 and are now valued at approximately $101 million.

Both transactions used a minimal transaction fee of 0.000105 BTC, which is common for internal restructuring or non-urgent asset movements.

The second wallet is still holding the received funds, while the first wallet now has a zero balance.

The transactions come as the crypto community continues to speculate on the identity of the mysterious whale who has been moving massive amounts of Bitcoin in recent days.

Some believe that the whale could be an early adopter of Bitcoin who is finally cashing out their gains after many years of holding. Others believe that the whale could be a large institutional investor who is making a strategic move to diversify their portfolio.

The large-scale transactions began on Monday, with the first two transactions, each involving over 1,000 Bitcoin, spotted shortly after 11:00 AM ET. Both transactions had minimal fees, suggesting non-urgent internal restructuring or asset movement.

The transactions were also noteworthy for their size and the fact that they were not part of any exchange activity.

The transactions are sure to spark interest among crypto enthusiasts, who will be eager to see where the funds are ultimately headed.