The large wallet movements that attracted attention in the Bitcoin market in the last 24 hours indicated that the selling pressure continues. According to on-chain data, some large addresses described as whales moved a total of over $100 million worth of Bitcoin to exchanges. Such transfers are considered a strong signal that assets may be preparing for sale.
Whale transfers and stock market entries came to the fore
While Bitcoin continues to search for the bottom after losing more than 20 percent in June, new sales signs have emerged. Wallets linked to the proceeds of crime investigation in Ireland, Bitcoin miner Riot Platforms and other major investor addresses sent significant amounts of BTC to exchanges. These movements made the fragile outlook in the market even more evident.
A wallet linked to Tim Draper was seen transferring 150.84 BTC to Coinbase. It was calculated that the transfer in question took place with a loss of approximately 2.57 million dollars after a holding period of approximately one year. Venture capital investor Tim Draper had come to the fore with his $250,000 targets for Bitcoin in the past.
The transfer of 150.84 BTC from the wallet associated with Tim Draper to Coinbase showed that sales at a loss can occur even in assets held for a long time.
Bitcoin started July at a 21-month low and briefly fell to $57,950. The $4.51 billion outflow from US spot Bitcoin ETFs in June also strengthened this pressure. The exchange whale ratio indicator, which measures the share of the largest transfers among the total coins entering the exchanges, also reached the local peak with 0.69.
Mini dictionary: Exchange whale ratio is an on-chain indicator that shows the weight of the largest wallet transfers among the total crypto assets entering exchanges. An increase in the ratio may indicate that large players are positioned closer to selling.
| Indicator or institution | Data |
|---|---|
| whale transfers | Over $100 million BTC in 24 hours |
| Bitcoin price | It dropped to $57,950 |
| US spot Bitcoin ETF debut | $4.51 billion in June |
| Exchange whale ratio | 0.69 |
Mining companies continued their reserve sales
Riot Platforms is gradually converting its Bitcoin reserves into cash to focus on artificial intelligence and high-performance computing infrastructure. Similarly, MARA sold 15,133 BTC for approximately $1.1 billion earlier this year. Core Scientific, on the other hand, disposed of 1,900 BTC in January and announced that it planned to sell all its assets by the end of the first quarter.
Sales by Riot Platforms, MARA and Core Scientific revealed that mining companies are using Bitcoin reserves more actively in balance sheet management.
Irish-linked wallets are on the move again
Former beekeeper Clifton Collins from the Galway area purchased approximately 6,000 BTC in late 2011 and early 2012 with the proceeds from illegal cannabis production he carried out in rented houses. Collins divided these assets into 12 separate wallets containing 500 BTC each, printed the private keys on paper and hid them in the aluminum cover of a fishing tackle bag.
The property in question was vacated after Collins was arrested in 2017 and sentenced to five years in prison. It was reported that the equipment was subsequently sent abroad for examination. On July 2 and 3, the Irish Proceeds of Crime Bureau confirmed a third seizure and announced that a further 500 BTC worth approximately 27 million euros, or $30.91 million, had been identified as proceeds of crime.
On-chain data showed that 500 BTC was deposited to Coinbase Prime in March, 500 BTC was moved through a Wintermute-linked address in May, and the same structure was repeated with the last transfer. Each of these wallets had been dormant for about a decade before 2026.
