A massive Bitcoin whale, dormant for over a decade, has begun moving its long-held stash—sparking concerns of a potential sell-off.
Blockchain tracker Lookonchain reports that the whale, inactive since 2011, reemerged this month and has since transferred nearly half of its 80,000 BTC—valued at approximately $4.77 billion—into new wallets. This move follows a wave of other significant Bitcoin transfers in recent days.
The whale’s holdings, among the oldest and largest in existence, were first acquired in 2011. Activity resumed earlier this week with a 9,000 BTC transfer—worth around $1.06 billion—to Galaxy Digital wallets, followed by another shift of 7,823 BTC, or roughly $927 million.
Shortly after, a series of even larger transactions brought the total moved to 40,009 BTC—worth approximately $4.68 billion at current prices. While earlier activity from this OG whale was seen as routine wallet upgrades, the size and nature of these latest transfers have raised alarms across the market.
Big whale dump incoming?
Large transfers from long-term holders often hint at possible selling, especially when timed with sharp price movements—like Bitcoin’s recent climb past $123,000.
But the activity didn’t end with the whale’s transfers. On-chain data shows Galaxy Digital has already moved 6,000 BTC—worth around $706 million—to major exchanges such as Binance and Bybit, reinforcing speculation that a sale may be imminent.
At present, Bitcoin is holding steady near $118,200. However, if the full 40,000 BTC eventually hits exchanges, the resulting selling pressure could spark short-term price swings.
Notably, this 80,000-BTC whale isn’t the only dormant giant stirring. Earlier today, another long-inactive wallet moved 1,042 BTC—valued at roughly $122.5 million—after six years of silence. When the coins were first received, Bitcoin was trading around $8,746, putting the original value of the stash at just $9.12 million.
This surge in activity among old wallets adds to a broader trend: as Bitcoin approaches all-time highs, long-dormant holders are waking up. Whether these reawakenings lead to widespread selling, however, remains to be seen.
