CryptoQuant rejects dump fears on Bitcoin whale

A Bitcoin whale dormant since 2013 moved $40 million in $BTC on May 10, with analysts ruling out an exchange dump.

A long-dormant Bitcoin whale wallet moved about $40 million in $BTC on Sunday after more than 12 years of silence. Whale Alert detected the transfer at 19:16 UTC, with funds moving to a new address not associated with any known exchange.

The wallet was created on November 27, 2013, and had remained untouched ever since. Bitcoin traded at roughly $923 when the coins were originally received, making the 500 $BTC stash worth about $461,500 at the time. At current prices, that position has risen approximately 87-fold.

Why analysts are not sounding the alarm

CryptoQuant’s Ki Young Ju called it on May 10: “Classic OTC prep, not dump pressure, low fees and non-CEX destination scream institutional.” The transfer fee was just 0.0001 $BTC, worth roughly $8 at current prices, a level well below typical exchange inflow transactions.

No spike in large-scale selling pressure was observed after the transfer became public. Blockchain data has not shown the 500 $BTC entering any known exchange deposit address. A comparable event in March 2026 saw a wallet dormant since 2012 move 2,100 $BTC worth $147 million with no confirmed exchange inflow.

A broader pattern of dormant wallets stirring

On May 10, wallets created between 2013 and 2017 collectively transferred 859.13 $BTC, or approximately $69.47 million. Six transactions totalling 319.13 $BTC came from wallets created in 2017, while four wallets dating to 2014 each transferred 10 $BTC.

Dormant Bitcoin wallets have increasingly resurfaced since $BTC crossed the $100,000 mark in late 2024. Several early investors and miners have moved long-held coins over the past year, with some ultimately taking profits after Bitcoin’s sustained rally.