Key Takeaways
- A 12-year-dormant Bitcoin wallet moved $324 million worth of BTC.
- Multiple large BTC transfers to Binance and Coinbase suggest short-term sell pressure.
- Exchange Whale Ratio drop and net outflows indicate continued accumulation.
In early May, a Bitcoin wallet dormant for 12 years moved 3,422 BTC—worth $324 million—into a new address.
These coins were originally linked to BTC-e, a now-defunct exchange, and were valued at just $46,000 when first acquired in 2012.
Another dormant wallet holding 2,343 BTC, valued at $221 million, also reactivated around the same time.
Both events have sparked attention from analysts tracking the behavior of long-term holders, often referred to as…
Old whales
Large transfers to Exchanges
The wallet reactivations coincide with a spike in large transfers to exchanges.
Whale Alert data shows 2,402 BTC moved from Ceffu to Binance, while other major transfers include $56.65 million to Bitfinex and nearly $385 million moved to Coinbase Institutional.
Market reactions & trends
Riot Platforms, a major mining firm, also sold 475 BTC in April amid post-halving cost pressures.
Despite these liquidations, net exchange outflows suggest many investors are still accumulating for the long term.
Exchange Whale Ratio & NUPL insights
According to CryptoQuant, the Exchange Whale Ratio on Binance dropped below 0.3 in April, showing reduced activity from large sellers.
Additionally, Bitcoin’s Net Unrealized Profit/Loss (NUPL) remains modest, with short-term holders showing minimal profit-taking.
Strategic repositioning or accumulation?
While the reactivation of old wallets could mean strategic repositioning or liquidation, the broader trend of BTC outflows from exchanges points to ongoing accumulation.
Bitcoin remains near $95,000, with key support levels at $93,000 and $83,000.
