While Bitcoin was trading around $6,500, a wallet that was active for the last time moved assets worth $188 million in recent days. On-chain data showed that this transaction, which took place nearly seven years later, involved 2,931 Bitcoins.
Whale wallet moved again
According to Arkham data, the transfer was made on Sunday. 2,931 BTC was sent to bc1qn from wallet tracked as 356my. The transaction, which took place when Bitcoin was at approximately $ 64,000, brought the wallets of large investors, which had been dormant for a long time, to the agenda again.
Onchain Lens calculates that the assets in question have increased in value by approximately 10 times compared to the last period when they moved. This table indicates that the wallet owner’s earnings on paper have reached a very high level.
Arkham data shows that the wallet, which had been dormant for seven years, moved 2,931 BTC to a new address on Sunday.
Whales stand out in Bitcoin flow to exchanges
Large transfers constitute a significant part of the Bitcoin flow to cryptocurrency exchanges since the beginning of the year. Coinglass classifies transactions of at least $10 million as whale transfers. According to this measure, the transactions of large investors carry a significant weight in the amount of Bitcoin entering the exchanges.
According to CryptoQuant data, approximately 99% of BTC deposited into exchanges comes from the 10 largest single transfers. The exchange whale rate monitored by the platform is at 0.99. This ratio reveals that the share of large wallets in total inflows has increased unusually.
| Indicator | Data |
| amount transported | 2,931 BTC |
| Approximate value | $188 million |
| stock market whale rate | 0.99 |
| Share of the 10 biggest transfers | About 99% |
CryptoQuant considers a high stock whale ratio to be a historically bearish signal. This is because large inflows tend to precede larger sell orders rather than ordinary individual investor movements.
CryptoQuant emphasizes that the increasing weight of whales in inflows to the exchanges indicates a historically weak price outlook.
ETF outflows increase selling pressure
Whale transfers coincided with a period when selling pressure from spot Bitcoin ETFs continued. Spot Bitcoin ETFs traded in the US recorded net inflows of $197 million in the week through Friday.
On the other hand, there was a total net outflow of 4.51 billion dollars from these funds in June. Farside Investors data revealed this was the weakest monthly performance ever. The fact that large wallet movements and ETF-related outflows came to the fore in the same period created a picture in which selling pressure in the market was closely monitored.
