A Bitcoin wallet inactive since 2017—when BTC traded near $6,500—has moved $188 million worth of holdings, marking its first on-chain transaction in seven years. According to blockchain analytics platform Arkham, the wallet address ‘356my’ transferred 2,931 BTC to a new address ‘bc1qn’ on Sunday. With Bitcoin currently trading around $64,000, the holder stands to realize nearly a ten-fold gain on the dormant assets, as noted by Onchain Lens.
Crypto wallet address ‘356my,’ transactions and token balance history. Source: Arkham
Fast Becoming Year of the Whale
Whale activity has dominated Bitcoin exchange inflows in 2024. Data from CryptoQuant shows that approximately 99% of all BTC deposited to exchanges this year stems from just the 10 largest individual transfers. The Exchange Whale Ratio—a metric tracking the share of inflows attributable to large entities—stood at 0.99 at press time.
Bitcoin: Exchange Whale Ratio - All Exchanges, year-to-date chart. Source: CryptoQuant
Historically, such elevated whale ratios are considered bearish, as large deposits to exchanges often precede significant sell-offs rather than routine retail trading.
This surge in whale-driven inflows compounds existing downward pressure on Bitcoin’s price, which has also been impacted by outflows from U.S.-listed spot Bitcoin ETFs.
Bitcoin ETF Flow (USD, million). Source: Farside Investors
According to Farside Investors, spot Bitcoin ETFs saw $197 million in net weekly inflows leading up to Friday but recorded $4.51 billion in net outflows during June—the worst monthly performance since their launch.