A long-inactive bitcoin address linked to an early miner moved about $203 million in BTC on Sunday, marking one of the latest awakenings of early-era holdings, according to blockchain analytics firm Onchain Lens.
Large transfer to prime brokers
Onchain Lens data shows the wallet shifted 2,650 BTC in three rapid transactions to two institutional-focused prime brokerages, FalconX and Cumberland. These firms typically facilitate over-the-counter (OTC) trades, suggesting the coins may be destined for private block deals rather than immediate selling on public exchanges.
The wallet still holds around 6,000 BTC, valued at roughly $462 million at current prices, leaving a large balance untouched. The precise motive for the transfers remains unclear.
Part of a broader wave of old-coin activity
The move comes amid a broader pattern of renewed activity from long-dormant bitcoin addresses.
- Earlier in May, a separate wallet transferred 500 BTC — worth about $40.6 million at the time — after more than 10 years of inactivity.
- In April, another early address moved about $20 million in BTC to an exchange account, again signaling that long-held coins are re-entering the liquid supply.
These shifts have become a recurring feature of the market, with movements from early holders often preceding or coinciding with periods of heightened price swings.
Sentiment under pressure as old supply re-enters
The reactivation of early wallets is occurring during a stretch of rising caution in the digital asset market. The Crypto Fear & Greed Index has dropped to 25, signaling “Extreme Fear” and highlighting rising concern among market participants.
Even when routed through OTC desks, large transfers from early holders can weigh on sentiment. The potential for those coins to be sold — or used as collateral — introduces additional supply overhanging the market and can amplify either buying or selling pressure, depending on the mood.
Price and dominance snapshot
Bitcoin changed hands at $77,220 on Monday, up 0.6% over the previous 24 hours. The asset briefly fell to around $74,600 over the weekend and remains below its October 2025 peak near $124,900.
Through May, capital has continued to concentrate in bitcoin versus other digital assets, with its market dominance holding close to 60%. That concentration has lent some relative price stability compared with smaller tokens, but movements by large, early holders remain a key variable that could shift market balance quickly.
As whale wallets wake up, understanding funding rates in crypto can sharpen how you interpret these powerful market signals.
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