Key Takeaways

Dormant Bitcoin whales are cashing out big profits as price falls.

But mid-sized whale wallets (10–10,000 BTC) have increased their share of supply, Santiment says.

Market bottom not confirmed yet.

A long-dormant Bitcoin holder who accumulated BTC more than a decade ago has resurfaced to offload tens of millions of dollars’ worth of tokens, adding to a wave of high-value transactions that is stirring fresh debate over whether large investors are exiting or repositioning.

The activity comes amid mixed signals from on-chain data, with some indicators pointing to renewed accumulation by large holders even as others cash out significant profits.

Blockchain tracker EmberCN said on Wednesday that an “ancient whale” who amassed 5,000 BTC in 2013 sold another 1,000 tokens — worth about $71.6 million — within the past several hours.

The move follows a series of disposals that began late last year, as Bitcoin trades below recent highs.

The reawakening of early Bitcoin holders is often closely watched by traders, as these investors typically sit on massive unrealized gains and can influence market sentiment when they move funds.

According to EmberCN, the 2013-era whale originally bought Bitcoin at around $332 per token and has since transferred 3,500 BTC — roughly $332 million — to exchanges including Binance, realizing an estimated $330 million profit at an average selling price near $94,786.

The wallet still holds about 1,500 BTC, worth over $100 million.

In a separate transaction, blockchain analytics firm Lookonchain reported that early adopter Owen Gunden sold an additional 650 BTC, valued at $46.3 million, after previously offloading roughly 11,000 BTC worth more than $1 billion.

Such moves may suggest profit-taking or a lack of confidence in the future price growth of Bitcoin, but it remains unclear.

Data from crypto analytics platform Santiment shows that wallets holding between 10 and 10,000 BTC — a cohort widely considered “smart money” — actually increased their share of total supply to around 68% in the past week.

That accumulation occurred as Bitcoin hovered near $71,000, a level large holders appeared to treat as an attractive entry point.

Santiment analysts say the recent shift in whale activity could be an early signal that Bitcoin is approaching a market bottom.

After weeks of selling pressure, the analytics firm actually said recent buying is moving in a “meaningful directional change.”

However, Santiment emphasized that a true bottom typically forms only when retail investors — smaller wallet holders — begin to capitulate.

“Bitcoin has tended to hit its floor not when big money walks away, but when ordinary buyers give up and sell,” the firm noted.

Current data suggests the opposite dynamic is still in play.

Retail investors continue to buy dips aggressively while broader metrics paint a complex backdrop.

Long-term holders remain underwater, with 365-day returns still deeply negative, as short-term traders are back in profit, Santiment found.

The divergence between whale profit-taking and renewed accumulation leaves Bitcoin at a critical juncture, as its price shows more signs of weakness.

On one hand, the reactivation of dormant wallets and large-scale sales from early adopters could introduce intermittent selling pressure.

These investors, sitting on outsized gains, may continue to de-risk as markets strengthen.

On the other hand, the steady accumulation by mid-sized whale cohorts suggests confidence in Bitcoin’s longer-term trajectory.

Santiment and other commentators also noted that Bitcoin recently decoupled from traditional equity markets during heightened geopolitical tensions, rising even as the S&P 500 slipped.

This divergence, coupled with gains in gold, hints at growing demand for non-sovereign stores of value.

Still, analysts warn that sentiment may be running ahead of fundamentals.

Social data shows bullish commentary at its highest level in weeks, which it warned often precedes short-term pullbacks or “bull traps.”

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