Whale Awakens From 7-Year Nap to Remind Bitcoin It's Still Tagged in 2024 🐋

A Bitcoin wallet dormant since the cryptocurrency was trading near $6,500 has resurfaced, moving $188 million worth of BTC for the first time in roughly seven years. The wallet, tracked as "356my," transferred 2,931 Bitcoin (BTC) to address "bc1qn" on Sunday at a time when BTC was changing hands at approximately $64,000, according to blockchain data platform Arkham. Blockchain analytics platform Onchain Lens said the holder is likely sitting on a near ten-fold gain on the long-idle position.

The transaction arrives as whale activity dominates exchange inflows across the market. According to CryptoQuant's Exchange Whale Ratio, about 99% of BTC deposited to exchanges is currently coming from the 10 largest individual transfers, a reading that stood at 0.99 at press time. The analytics platform describes a high exchange ratio as "historically a bearish signal," since large deposits are more likely to precede significant sell orders than routine retail activity. Coinglass defines whale transfers as transactions of at least $10 million.

Whale flows are layering onto a sustained wave of selling pressure from U.S. spot Bitcoin exchange-traded fund holders. According to Farside Investors, the funds registered $197 million in net weekly inflows in the period leading up to Friday, but recorded $4.51 billion in net outflows in June, the worst monthly figure on record. Separately, Strategy sold 3,588 Bitcoin for $216 million to fund dividends while preserving a $2.55 billion reserve, per related reporting.