A dormant Bitcoin wallet transferred 2,931 BTC, valued at approximately $188 million, for the first time in seven years. The transaction occurred as Bitcoin trades around $64,000, marking a significant shift in the wallet’s activity which had not been seen since Bitcoin was priced near $6,500.
The transfer was made from wallet address ‘356my’ to wallet address ‘bc1qn,’ according to blockchain data from the analytics platform Arkham. This movement indicates the whale is likely realizing nearly a ten-fold gain on the dormant holdings.
Whale transfers, defined as those involving a minimum of $10 million, have been a major contributor to the Bitcoin inflows to cryptocurrency exchanges this year. Data from CryptoQuant shows that about 99% of BTC deposited to exchanges is from the ten largest individual transfers, reflecting a ratio of 0.99 at the time of reporting.
A high exchange ratio typically suggests that these large deposits are more likely to precede significant sell orders rather than routine retail activity, which is viewed as a bearish indicator. This trend coincides with persistent selling pressure from spot Bitcoin exchange-traded fund (ETF) holders.
US-traded spot Bitcoin ETFs experienced $197 million in net weekly inflows leading up to the previous Friday. However, they faced $4.51 billion in net outflows in June, marking the worst month on record, according to data from Farside Investors.
