An “antique whale” who purchased 3,962 BTC in January 2011, when Bitcoin was just $0.375, recently reactivated his wallet after nearly 14 years of inactivity.
According to onchain data, this whale has started selling in small batches in recent days.
The whale, awakened from its slumber, first transferred 450 BTC (approximately $53.42 million). Of these transfers, 150 BTC were found to have been sent to addresses associated with major market makers like Coinbase, B2C2, and Wintermute in the last five days. This strategy is similar to the selling method used by another former whale, which gained momentum in recent weeks and held 80,000 BTC. That whale also exited through liquidity providers rather than transferring the coins directly to an exchange.
The whale still has a balance of 3,678 BTC, worth approximately $434 million at current prices, in his wallet. The addresses where the whale holds the BTC can be viewed through Arkham.
The Bitcoin price is trading at $117,795 at the time of writing and has remained almost flat throughout the day.
*This is not investment advice.