Bitcoin Whale Moves $188M After 7 Years of Silence

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A dormant whale transferred BTC worth $188 million after seven years of holding, adding to the growing ratio of whale transfers to cryptocurrency exchanges.

A wallet last active when Bitcoin was trading near $6,500 transferred $188 million of its holdings in recent days, its first onchain movement in seven years.

With the biggest cryptocurrency now trading at around $64,000 apiece, the whale transferred 2,931 Bitcoin (BTC) from wallet "356my" to wallet address "bc1qn" on Sunday, according to blockchain data platform Arkham.

The whale is likely looking at a nearly 10-fold gain on the long-dormant holdings, according to blockchain analytics platform Onchain Lens.

The transaction comes during a period when whale transfers — those at a minimum of $10 million per Coinglass — are accounting for the majority of Bitcoin flowing to cryptocurrency exchanges. Large whale transfers to exchanges often precede sales, which can place additional pressure on Bitcoin's price.

Whales have been driving most of the Bitcoin inflows to cryptocurrency exchanges since the beginning of the year.

About 99% of BTC deposited to exchanges is currently from the 10 largest individual transfers,

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