Bitcoin News Today: Bitcoin Whale Moves 40,000 BTC Worth 4.68 Billion to Exchanges

In a significant development, a Bitcoin whale that had been dormant since 2011 has recently begun moving its substantial holdings, sparking concerns about a potential sell-off. The whale, which holds approximately 80,000 BTC, transferred nearly half of its holdings, valued at over $4.7 billion at current prices, into new wallets. This sudden activity has raised eyebrows among traders, particularly given Bitcoin's recent price surge above $123,000.

The whale initiated the transfers with a 9,000 BTC transaction, worth around $1.06 billion, to wallets associated with Galaxy Digital. Following this, an additional 7,823 BTC, valued at approximately $927 million, was moved. The most substantial transfer involved 40,009 BTC, worth $4.68 billion, which was dispersed into new wallet addresses. While some analysts suggest that these movements could be due to internal restructuring or security measures, the destinations of the transfers hint at a different possibility.

The transfers to Galaxy Digital were just the beginning. On-chain metrics indicate that the firm subsequently moved 6,000 BTC, worth $706 million, to major exchanges such as Binance and Bybit. This action is seen as a strong indication that some of the coins may soon enter the market. Given that whales typically sell at market peaks, and with Bitcoin currently trading at around $118,200, traders are on high alert. If all 40,000 BTC were to be transferred to exchanges, it could result in significant short-term volatility.

This particular whale is not the only one showing activity. Another long-dormant wallet transferred 1,042 BTC, worth $122.5 million, after being inactive for six years. Initially purchased when Bitcoin was trading at $8,746, this stash was worth less than $10 million at the time. The increased activity among older wallets coincides with Bitcoin reaching new highs, although it remains unclear whether these movements precede potential sell-offs or strategic rebalancing. The market, however, is undeniably on edge.