A giant Bitcoin whale with a decade-old stash has started moving its holdings, fueling speculation about a potential sell-off.
According to blockchain tracker Lookonchain, the whale, which resurfaced earlier this month after 14 years of dormancy, has shifted nearly half of its 80,000 Bitcoin (BTC) holdings into new wallets. Worth about $4.77 billion, the transfer follows a series of similar large-scale movements in recent days.
The original holdings were acquired in 2011, making this one of the oldest and largest Bitcoin wallets in existence. Activity began with the whale’s 9,000 BTC transfer to Galaxy Digital wallets earlier this week, worth about $1.06 billion, and was quickly followed by another 7,823 BTC, around $927 million.
Soon after, much larger transfers pushed the total shifted to 40,009 BTC, equal to about $4.68 billion at recent prices. While previous movements by the same OG whale pointed to mere wallet upgrades, the scale and destination of these latest transfers have the market on edge.
Big whale dump incoming?
Large transfers by long-term holders often signal preparations to sell, especially when they align with strong price action like Bitcoin’s recent surge above $123,000.
Also, the flow of funds didn’t just stop with the whale’s transfers. On-chain data shows that Galaxy Digital has already sent 6,000 BTC, worth $706 million, to major exchanges including Binance and Bybit, adding weight to the idea of a potential sale.
For now, Bitcoin is holding steady around $118,200. If the full 40,000 BTC makes its way to exchanges, the selling pressure could trigger short-term price volatility.
Meanwhile, the 80K-BTC whale is not the one making moves. Earlier today, a separate wallet was spotlighted transferring 1,042 BTC, worth about $122.5 million, to a new address after sitting idle for six years. This second wallet originally received the coins back when Bitcoin was trading near $8,746, making the stash worth just $9.12 million at the time.
The wave of activity adds to the growing trend of long-inactive wallets coming back to life as Bitcoin hovers near record highs, and whether these awakenings turn into full-scale liquidations remains to be seen.
