A veteran bitcoin wallet, dormant for over a decade, transferred 750 BTC to the crypto exchange Binance on Tuesday, marking the latest in a series of major movements by “whales.”
According to data from The Block, the transfer was worth approximately $83.3 million, with bitcoin trading at around $111,000. On-chain analysts speculate the holder is likely a long-time investor cashing in on a massive profit. The wallet first received the coins in late 2013 when a single bitcoin traded for just $332, representing a significant price gain over the past 12 years.
This move follows a summer trend of legacy wallets stirring to life, as long-term holders reemerge to shift thousands of BTC. While not every transfer to an exchange results in an immediate sell-off, these large deposits often signal a potential move to offload assets or test market liquidity.
Blockchain intelligence firm Arkham confirmed that the sending address still holds another 750 BTC, while a related wallet retains roughly 2,500 BTC, valued at nearly $276.5 million. The wallet’s use of the SegWit address format points to a tech-savvy holder.
The transfers highlight a dynamic period in the crypto market, where long-time holders are making significant moves. In a parallel trend, some “OG” holders have been rotating a portion of their wealth into ether as institutional adoption and spot ETFs for ETH continue to grow.
