Key facts
- A dormant Bitcoin wallet transferred 2,931 BTC worth $188 million.
- This is the first on-chain movement from the wallet in seven years.
- The whale is likely to have made a nearly tenfold profit.
- Large whale transfers to exchanges have dominated Bitcoin inflows this year.
- Spot Bitcoin ETFs experienced record outflows in June.
A dormant Bitcoin whale, whose wallet was last active when the cryptocurrency traded near $6,500, has transferred 2,931 BTC worth approximately $188 million. The transaction, which occurred on Sunday, marks the first on-chain movement from the wallet in seven years, suggesting a potential profit of nearly ten times the initial investment.
This significant whale transfer occurs amidst a period where large holders are increasingly moving Bitcoin to exchanges. Data indicates that whale transfers have constituted the majority of Bitcoin inflows to exchanges year-to-date, with approximately 99% of deposits coming from the 10 largest individual transfers. Historically, a high ratio of whale transfers to exchanges is considered a bearish signal, as these large deposits are often precursors to significant sell orders.
The increased whale activity could exacerbate existing selling pressure on Bitcoin, which has also been influenced by outflows from spot Bitcoin exchange-traded funds (ETFs). US-traded spot Bitcoin ETFs experienced record net outflows totaling $4.51 billion in June, despite registering $197 million in net weekly inflows leading up to Friday.