Decade-Old Bitcoin Whale Wakes Up
A multi-billion-dollar Bitcoin whale that has been dormant since 2011 started moving its long-stored holdings recently. This has fueled speculation of an impending multi-billion-dollar sell-off.
According to on-chain analyst Lookonchain, nearly half of the whale’s 80,000 BTC (worth over $4.7 billion at current prices) was moved into new wallets recently. The abrupt action has spooked traders, especially with Bitcoin’s recent price strength above $123,000.
$4.7B in BTC Transferred Between Wallets
The whale began transferring with a 9,000 BTC transaction—approximately $1.06 billion—to wallets linked with Galaxy Digital. Shortly after, 7,823 BTC (around $927 million) was sent next. Then the mass migration occurred: 40,009 BTC—worth $4.68 billion—was dispersed into new wallet addresses.
Though some analysts theorize the activity may represent internal restructurings or security precautions, the destinations suggest another possibility.
Hints of a Potential Sell-Off?
The transfers to Galaxy Digital were just the beginning. On-chain metrics show the firm moved 6,000 BTC ($706 million) to major exchanges like Binance and Bybit—a strong indication that some of the coins may be about to hit the market.
Whales sell at tops, and with Bitcoin changing hands for approximately $118,200, traders are on high alert. Should all 40,000 BTC find its way to exchanges, it could lead to high short-term volatility.
More Dormant Wallets Stir
This whale isn’t alone. A different long-dormant wallet transferred 1,042 BTC ($122.5 million) earlier today after being inactive for six years. Purchased when Bitcoin was trading at just $8,746, the stash was worth less than $10 million initially.
The heightened activity among older wallets aligns with Bitcoin flirting with new highs. It’s uncertain if these movements come before impending dumps or strategic rebalancings—but the market is decidedly on edge.
