On Wednesday, a long-term Bitcoin investor who amassed 5,000 BTC in 2013 sold 1,000 BTC, valued at approximately $71.6 million, according to onchain data. The wallet, identified by analytics provider EmberCN as “bc1q…6ym,” has transferred a total of 3,500 BTC to Binance since selling began in November 2024, generating roughly $330 million in profits after purchasing at an average price of $332 per BTC. The wallet still holds around 1,500 BTC, currently worth about $106.8 million, illustrating the continued reactivation of dormant crypto holdings into the market.
Separately, early Bitcoin adopter Owen Gunden reportedly sold 650 BTC, worth around $46.3 million on Wednesday. According to Lookonchain, Gunden’s cumulative disposals now total roughly 11,000 BTC, or more than $1 billion. While blockchain analysts have attributed the wallet activity to Gunden, he has not confirmed the transactions, and previous onchain attributions have occasionally been disputed. These sales mark a continuation of a broader trend of long-dormant cryptocurrency entering circulation.
CryptoQuant data shows that whales are driving significant exchange inflows, with the Bitcoin exchange whale ratio reaching 0.83 on March 14, meaning the top ten BTC deposits accounted for 83 percent of total inflows. As of Thursday, the ratio stood at 0.66, indicating that whale activity continues to dominate exchange deposits. Analysts note that such concentrated inflows often signal potential market shifts, with large holders rebalancing portfolios or realizing profits after extended periods of accumulation.
The market reacted with a notable price decline, as Bitcoin fell 4.5 percent over the past 24 hours to $70,813. This retracement adds to a larger downturn, with the cryptocurrency currently down more than 43 percent from its all-time high of around $124,700 in October 2025. Observers suggest that increased whale activity, combined with broader market volatility, is contributing to downward pressure on BTC and influencing sentiment among smaller retail and institutional investors.
Onchain analysts emphasize that this surge in activity reflects both profit-taking by early adopters and the ongoing redistribution of assets. The reactivation of long-held positions introduces liquidity into exchanges, which can affect order books, market depth, and short-term price fluctuations. Market watchers are monitoring exchange inflows closely, as continued sales from large holders may influence BTC price trends in the coming days, highlighting the persistent influence of whales on cryptocurrency markets.
