Bitcoin Wallet Silent for 12 Years Moves $324 Million—What Are the Old “Whales” Hinting at?

Bitcoin (BTC) in 2025 is buzzing with activity as long-standing Bitcoin wallets, often called "old whales", become active again after years of inactivity.

Recent large transactions from wallets inactive for over a decade and significant Bitcoin movements to exchanges are attracting the cryptocurrency community's attention. These developments reflect changes in large investor behavior and may signal potential future price volatility.

Old Bitcoin Whales Suddenly Reactivate

Recently, 3,422 Bitcoin, equivalent to $324 million, were transferred from a wallet inactive for 12 years to a new address. These Bitcoin originated from BTC-e, one of the oldest exchanges that was shut down.

In 2012, the initial value of these BTC was only $46,000. Today, their value has increased 7,018 times, clearly demonstrating Bitcoin's long-term growth potential.

Around the same period, another wallet holding 2,343 BTC, worth over $221 million, became active again after 11.8 years of inactivity. Transactions from these "dormant" wallets often attract significant attention in the community, as they may indicate veteran investors are beginning to liquidate assets or preparing for other strategic market moves.

Bitcoin Transfers to Exchanges: Increasing Selling Pressure?

Besides reactivating long-inactive wallets, the market has also witnessed a series of large Bitcoin transfers to major exchanges. According to data from Whale Alert, these transactions surged at the beginning of 05/2025.

Specifically, 2,402 BTC were transferred from Ceffu to Binance, 600 BTC ($56.65 million) were moved from an unidentified wallet to Bitfinex, and 1,636 BTC ($154.05 million), along with 1,385 BTC ($130.74 million), were sent from Cumberland to Coinbase Institutional. Another transaction involving 1,142 BTC ($107.68 million) was also recorded from an unidentified wallet to Coinbase Institutional.

These movements suggest Bitcoin whales are actively moving their assets to exchanges, a behavior typically understood as a sign of potential selling pressure.

Not only individual whales, Riot Platforms, a leading Bitcoin mining company, sold 475 BTC in 04/2025 to cope with industry pressures. This move occurred as the Bitcoin mining industry faces high operating costs after the 2024 halving event, forcing many companies to liquidate part of their assets to maintain operations. Meanwhile, MicroStrategy, a famous institutional investor with a Bitcoin accumulation strategy, continues buying despite criticism of its high-risk investment approach.

However, data from Coinglass shows that the previous week saw a net outflow of 15,700 BTC, with total balance dropping to 2.2 million BTC. This may reflect a long-term accumulation trend among large investors, as they withdraw Bitcoin from exchanges to store in Cold Storage, reducing circulating supply in the market.

What Do These Fluctuations Mean for the Bitcoin Market?

The activity of old whales and large institutions is sparking speculation about Bitcoin's future market direction. According to a CryptoQuant report from 03/2025, the Whale Ratio on Binance recently decreased, suggesting selling pressure from large investors is reducing, a positive signal for BTC price.

The Whale Ratio on the exchange dropped below 0.3 on 04/23, indicating a significant shift in participation, from institutional or large traders to primarily small investor flows.

"This suggests less selling pressure from whales and perhaps a 'cleaner' market environment, where price fluctuations are driven by natural demand rather than large selling pressure." The analysis indicates that

Short-term Bitcoin investors have not yet realized significant profits to create selling pressure, and upward price momentum continues to accumulate.

"The current NUPL is 8%, while its 30-day SMA remains negative and stays at -2%. Until NUPL exceeds 40%, selling pressure from this group will remain minimal, which is a positive signal." The analysis suggests that

However, recent Bitcoin transfers to exchanges indicate short-term selling pressure might increase, especially as Bitcoin fluctuates around $95,000, with critical support levels at $93,000 and $83,000.

The reactivation of long-dormant wallets also shows confidence from veteran investors preparing for a new price appreciation cycle. These developments paint a complex market picture with opportunities and risks ahead.

The return of old Bitcoin "whales", large exchange transfers, and actions from organizations like Riot Platforms are heating up the crypto market in 2025. These movements reflect changes in large investor sentiment and could shape Bitcoin's price trend in the coming months. Despite growth potential, investors should remain vigilant and prepared for unexpected market fluctuations.