Dormant Bitcoin Whale Moves $188 Million After Seven Years

A Bitcoin wallet that had remained inactive since the cryptocurrency traded at around $6,500 has transferred $188 million worth of BTC, marking its first onchain activity in seven years.

According to blockchain intelligence platform Arkham, the wallet identified as "356my" moved 2,931 BTC to a new address on Sunday. With Bitcoin currently trading near $64,000, blockchain analytics firm Onchain Lens estimates the holder is sitting on an almost 10-fold return on the original investment.

The transfer comes at a time when large Bitcoin holders are becoming increasingly active, fueling speculation over whether the funds could eventually be sold.

Whale activity continues to dominate exchange inflows

Large Bitcoin holders have played a growing role in exchange activity throughout 2026. CryptoQuant data shows that roughly 99% of all Bitcoin deposited onto exchanges currently comes from the 10 largest individual transfers, highlighting the dominance of whale transactions over retail activity.

According to the analytics platform, a high Exchange Whale Ratio is "historically a bearish signal" because large deposits to exchanges are more likely to precede significant sell orders than routine transfers by smaller investors. As a result, continued whale activity is being closely monitored by traders for signs of potential selling pressure.

ETF outflows add to selling pressure

Large whale transfers are arriving during a period when Bitcoin is already facing pressure from institutional investors. Although US-listed spot Bitcoin ETFs recorded approximately $197 million in net inflows during the week ending Friday, the funds experienced $4.51 billion in net outflows throughout June, making it their weakest month since launch, according to Farside Investors.

The combination of sustained ETF withdrawals and increased whale activity has added to concerns that Bitcoin could face additional short-term selling pressure if more large holders decide to move coins onto exchanges.

Sources:

https://cryptoquant.com/asset/btc/chart/flow-indicator/exchange-whale-ratio?exchange=all_exchange&window=DAY&sma=0&ema=0&priceScale=log&metricScale=linear&chartStyle=line

https://arkm.com/explorer/address/356myuxHtPTE9b6QGACxXp5nqQLiPBAsmK

https://cointelegraph.com/news/bitcoin-whale-moves-188m-first-7-years

https://x.com/OnchainLens/status/2076443324559638729

https://docs.coinglass.com/reference/whale-transfer

https://farside.co.uk/btc/