A Bitcoin wallet, inactive for seven years and last used when Bitcoin traded near $6,500, recently moved approximately $188 million worth of Bitcoin. The transfer involved 2,931 BTC shifting from the wallet labeled “356my” to a new address, marking the first onchain movement of these funds in seven years.
This move stands out as Bitcoin’s price has surged to roughly $64,000 per coin, giving the whale a nearly tenfold increase on the original holdings. It comes amid a broader trend where large Bitcoin holders—often called whales—are driving most of the cryptocurrency inflows to exchanges, a pattern seen as significant for market dynamics.
According to blockchain analytics from Arkham and Onchain Lens, whale transfers, defined as movements of Bitcoin valued at $10 million or more, now make up the bulk of BTC flowing into exchanges. CryptoQuant data shows that nearly all Bitcoin deposits to exchanges this year stem from the ten largest whale transactions. The whale exchange ratio currently stands at 0.99, indicating whales dominate deposit activity.
This concentration of large transfers is considered a historically bearish indicator, as whales frequently move substantial amounts before executing major sell orders. Their activity tends to foreshadow price pressure rather than routine trading by smaller investors.
These whale transactions coincide with notable selling pressure from holders of spot Bitcoin exchange-traded funds (ETFs). While new US-traded Bitcoin ETFs attracted $197 million in net weekly inflows leading up to last Friday, June recorded record-breaking outflows totaling $4.51 billion. This significant withdrawal intensified bearish market signals and added to downward pressure on Bitcoin prices.
The reactivation of such a long-dormant wallet underlines the cautious attention market watchers pay to whale behavior. Their moves often presage shifts in market sentiment, affecting institutional and retail investor strategies alike.