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Bitcoin whale transfers $188M after 7 years, first onchain move
The dormant holder moved 2,931 BTC to a new wallet, and the transfer arrives as whale deposits to exchanges remain near levels seen earlier this year.
Cointelegraph reports that a dormant Bitcoin holder transferred BTC worth about $188 million for the first time in roughly seven years, marking its first onchain movement since the cryptocurrency was trading near $6,500.
Blockchain data cited by Cointelegraph shows the wallet, labeled "356my," moved 2,931 BTC to wallet address "bc1qn" on Sunday, according to Arkham. Whale analytics from Onchain Lens suggests the position could be up nearly 10-fold from the long-dormant period.
The transfer comes during a stretch in which large whale transfers are accounting for most Bitcoin flowing to crypto exchanges, a dynamic that Cointelegraph links to potential selling pressure. Coinglass defines whale transfers as those of at least $10 million.
Cointelegraph also notes that the ratio of whale transfers to exchange deposits stood at 0.99 at press time, citing CryptoQuant, and describes it as a historically bearish signal. It adds that the episode may compound persistent selling pressure tied to spot Bitcoin ETF activity, with Farside Investors data showing $4.51 billion in net outflows in June and $197 million in net weekly inflows leading up to Friday.
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