A Bitcoin whale, who had been quiet in the crypto markets for a long time, returned to the spotlight with a large transfer on August 27th. According to on-chain data, the whale moved 750 BTC (approximately $83 million) to the Binance exchange. This move was the latest in a series of "old wallet" transactions that particularly increased over the summer months.
Purchased 12 years ago at $332
According to information shared by Lookonchain, the Bitcoins in question were purchased in 2013, when the BTC price was just $332. Compared to today's prices, this sale represents a return hundreds of times greater for the whale. Analysts believe this wallet owner first began selling after Bitcoin surpassed $90,000 in December 2024 and has been gradually withdrawing BTC since then.
According to the shared data, the whale has sold 1,750 BTC to date, with an average sale price of $108,160. The profit has reached approximately $550 million. In other words, the 5,000 BTC asset, worth $1.66 million 12 years ago, has gained 331 times its value today.
The wallet still holds a massive BTC reserve
Following the transfer, the whale still has 3,250 BTC (approximately $361 million) in its wallet. According to data from on-chain analytics firm Arkham, the address "bc1q5…9mfcm" where the transaction took place still holds 750 BTC. Another related wallet, "bc1ql…ltg6ym," also holds 2,500 BTC.
The addresses used by the whale are in the Bech32 format, introduced with Bitcoin's SegWit upgrade. This format is considered more secure and efficient than older addresses because it facilitates error detection and offers more advanced features.
According to experts, whales' large transfers to exchanges do not always directly translate to selling pressure. Sometimes, such transactions are considered simply consolidation between wallets, security moves, or liquidity tests. However, assets transferred to major exchanges like Binance naturally attract investor attention and can create uncertainty in the market in the short term.
In recent months, the revival of wallets that have been inactive for 10 years or more is particularly noteworthy. Miner wallets dating back to 2009-2010 and addresses of OG investors dating back to 2013-2014 have experienced repeated activity throughout the summer. This trend, along with Bitcoin approaching $100,000, raises the possibility of profit-taking for long-term investors.
While high-volume wallet movements can increase volatility in the short term, they also make the supply-demand balance in the market more visible in the long term. Therefore, whale transfers remain a topic of discussion for analysts as well as traders.
As of writing, Bitcoin price is trading around $111,100.
