A dormant Bitcoin wallet, last active when the cryptocurrency was valued at around $6,500, recently transferred a significant 2,931 BTC (worth about $188 million) to another address. This transaction
A Bitcoin wallet that had been inactive for seven years has made its first major move in recent days by transferring over $188 million worth of BTC, equivalent to 2,931 coins, from the '356my' address to a new one. This transaction occurred when Bitcoin was trading near $64,000 per coin and marked the wallet's first on-chain activity since it last moved in 2019.
This significant transfer adds to the growing trend of large-scale whale movements to cryptocurrency exchanges. According to blockchain data platforms like Arkham and Onchain Lens, these transfers are becoming increasingly common as they account for a majority of Bitcoin flowing into exchanges. Such transactions often precede sales or market adjustments that can influence overall price dynamics.
The context surrounding this event is crucial because it comes at a time when whales have been driving the bulk of Bitcoin inflows to exchanges since the start of 2026, with about 99% of BTC deposited being from these large transfers. This high ratio has historically signaled bearish sentiment as whale deposits are more likely to precede significant sell orders rather than routine retail activity.
The recent transaction is particularly noteworthy given that it follows a period where spot Bitcoin ETF holders have been experiencing net outflows, with US-traded spot BTC ETFs seeing $4.51 billion in net outflows during June — their worst month on record. This suggests ongoing selling pressure from institutional investors and could potentially add to the existing bearish sentiment.
This event highlights how large-scale movements by whales can impact market psychology and liquidity, making them key players in determining short-term price fluctuations. Traders should watch for further whale activities as they continue to influence market dynamics, particularly given their historical correlation with significant sell-offs or corrections.
Given the current environment of growing whale transfers, traders would be wise to monitor both large-scale transactions and overall exchange inflows closely. These indicators can provide valuable insights into potential shifts in investor sentiment and market direction.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.