Bitcoin Whale Awakens, Transfers $188M After 7-Year Slumber

A Bitcoin whale has made its first on-chain movement in seven years, transferring $188 million of its holdings. The whale transferred 2,931 BTC from wallet '356my' to wallet address 'bc1qn' on Sunday, according to blockchain data platform Arkham.

The transfer comes during a period when whales have been driving most of the Bitcoin inflows to cryptocurrency exchanges since the beginning of the year. Approximately 99% of BTC deposited to exchanges is currently from the 10 largest individual transfers, according to CryptoQuant's chart tracking the ratio of whale transfers to exchanges.

This high exchange ratio means that whales account for a disproportionate share of inflows, which is historically a bearish signal as these large deposits are more likely to precede significant sell orders than routine retail activity, according to the analytics platform.