Old, dormant Bitcoin wallet stirs after 12 years, transferring $324 million - Are long-time Bitcoin holders signaling a market shift?

Old, dormant Bitcoin wallet stirs after 12 years, transferring $324 million - Are long-time Bitcoin holders signaling a market shift?

Bitcoin (BTC) in 2025 has experienced an intriguing resurgence as dormant wallets, often referred to as "old whales," have come back to life. These long-forgotten wallets have been silent for years, but recent large transactions have caught the crypto world's attention.

Large Bitcoin transfers from wallets inactive for over a decade and significant movements to exchanges have sparked conversations about potential price swings on the horizon.

Old Bitcoin Whales Awakening Again

Not too long ago, 3,422 Bitcoins, equivalent to $324 million, were shifted from a wallet that hadn't seen activity in 12 years. These Bitcoins originated from BTC-e, one of the oldest shuttered exchanges.

At the time, the initial value of these BTC was just $46,000. Fast-forward to today, and their value has surged 7,018 times, a clear testament to Bitcoin's long-term growth potential.

Simultaneously, another wallet holding 2,343 BTC, worth over $221 million, stirred once more after 11.8 years of inactivity. Movements from these once "sleeping" wallets often draw significant attention within the community, as they may indicate that veteran investors are beginning to liquidate assets or prepare for strategic market moves.

Bitcoin Shifts to Exchanges: Could this Mean Pressure to Sell?

In addition to the reactivation of long-dormant wallets, the market has witnessed a series of significant Bitcoin transfers to major exchanges. According to data from Whale Alert, these transactions peaked in early May 2025.

For instance, 2,402 BTC were transferred from Ceffu to Binance, 600 BTC ($56.65 million) were shifted from an unknown wallet to Bitfinex, and 1,636 BTC ($154.05 million), plus 1,385 BTC ($130.74 million), were sent from Cumberland to Coinbase Institutional. Another transaction involving 1,142 BTC ($107.68 million) also took place, moving from an unknown wallet to Coinbase Institutional.

These movements suggest that Bitcoin whales are actively transferring their assets to exchanges, a behavior often interpreted as a sign of potential selling pressure.

Other institutional players, like Riot Platforms, a leading Bitcoin mining company, sold 475 BTC in April 2025 to manage industry pressures. This move follows the 2024 halving event, which caused a spike in operating costs for many mining companies, leading some to sell portions of their holdings to maintain operations. On the other hand, MicroStrategy continues to buy Bitcoin in spite of criticism about its high-risk investment approach.

However, data from Coinglass reveals that last week, exchanges recorded a net outflow of 15,700 BTC, reducing the total balance to 2.2 million BTC. This trend could indicate a long-term accumulation strategy among large investors, as they withdraw Bitcoin from exchanges to store in cold wallets, reducing the circulating supply in the market.

What do these Moves Mean for the Bitcoin Market?

The activities of old whales and major institutions have sparked speculation about Bitcoin's future market direction. According to a CryptoQuant report from March 2025, the Exchange Whale Ratio on Binance has recently decreased, suggesting a decrease in selling pressure from large investors, a positive sign for BTC's price.

The decrease in the Exchange Whale Ratio, which fell below 0.3 on April 23, indicates a shift in market participation, from institutional or big traders to more retail-oriented flows.

"This suggests less whale selling and perhaps a market environment that's 'cleaner,' where price movements are driven by organic demand rather than large-volume sell-side pressure." This suggests that

Short-term Bitcoin holders have yet to realize significant profits, and upward momentum is still building. "The current NUPL is 8%, while its 30-day SMA remains negative and holds at -2%. Until NUPL exceeds 40%, selling pressure from this cohort will remain minimal, which is a bullish sign." This suggests

However, the recent transfers of Bitcoin to exchanges hint at a possible increase in short-term selling pressure, particularly as Bitcoin hangs around $95,000, with key support levels at $93,000 and $83,000.

The resurgence of old Bitcoin whales, significant transfers to exchanges, and actions from institutions like Riot Platforms are stoking the crypto market in 2025. These developments reflect shifting sentiments among major investors and could influence Bitcoin's price trends in the coming months. While the potential for growth remains, investors must remain vigilant and prepared for unexpected market fluctuations.

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1. The reactivation of Bitcoin wallets, inactive for over a decade, has fueled discussions about potential price swings in the crypto market.
2. Notably, 3,422 Bitcoins, initially valued at just $46,000, were moved from a wallet that had been dormant for 12 years.
3. Evidence suggests that veterans in the Bitcoin world might be liquidating assets or preparing for market strategies with the reactivation of such wallets.
4. In tandem, another wallet holding 2,343 Bitcoins, worth over $221 million, has become active again after 11.8 years of inactivity.
5. Major Bitcoin transfers to exchanges, particularly those peaking in early May 2025, are often interpreted as a sign of potential selling pressure.
6. Riot Platforms, a significant player in Bitcoin mining, sold 475 BTC in April 2025 to manage industry pressures.
7. Despite selling by Riot Platforms, MicroStrategy continues to buy Bitcoin, facing criticism for its high-risk investment approach.
8. Recent data indicates a long-term accumulation strategy among large investors, as they withdraw Bitcoin from exchanges to store in cold wallets, potentially reducing the circulating supply in the market.

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