A massive Bitcoin transfer from Coinbase to an unknown wallet has been spotted by blockchain tracking service Whale Alert.
On Saturday, July 19, 2025, at 03:43:18 UTC, 7,743 BTC (worth approximately $916.25 million) was moved from the exchange to a newly created wallet.
At the time of the transfer, Bitcoin was trading at $118,329.11. This substantial transaction may suggest institutional accumulation or long-term cold storage by a major holder.
Whales awakening
This transfer is just one part of a larger trend as whale activity in the Bitcoin market has surged recently.
Data from IntoTheBlock confirms that the number of large transactions has risen sharply over the past two weeks, indicating a renewed presence of large holders in the ecosystem.
Adding to the intrigue, an ancient Bitcoin whale who had been dormant for 14 years has resurfaced.
According to Lookonchain, the longtime holder moved billions of dollars’ worth of BTC within just a few hours. The transactions, totaling $8.7 billion, were distributed across unknown wallets in a series of high-value transfers.
Whale Alert tracked the movement of 10,000 BTC per batch in eight separate transactions, totaling 80,000 BTC, all moved for the first time since 2011. These large movements sent shockwaves through the broader crypto market.
BTC price eyes possible correction
This wave of whale activity has coincided with heightened concerns of a potential Bitcoin price correction. The price of Bitcoin dropped sharply earlier in the week, briefly dipping below $117,000 and reaching an intraday low of $116,218, following signs that the ancient whale may be selling their holdings.
Although prices have since partially recovered, the volatility has intensified.
Lookonchain reports that the same long-dormant whale recently transferred 9,000 BTC ($1.06 billion) to Galaxy Digital. Shortly after, another large transfer of 7,843 BTC occurred.
The market response has been swift, with short-term volatility spiking and at least one major whale closing a long position and flipping to short.Galaxy Digital has begun depositing a portion of these newly received coins to leading exchanges, including Binance and Bybit.
Approximately $236 million worth of BTC has already been moved to these platforms. This activity has raised speculation that more sell pressure could be imminent.