With bitcoin now trading around $95,000, speculation is rampant about what the market might do as these ancient, long-dormant wallets wake up. New old whales, or wallets dormant for decades, all of a sudden waking up and moving millions in Bitcoin. This surprise move has led to a lot of guessing about what they plan to do and how it might affect the overall crypto market. This wave of recent activity, alongside increases in notable transfers to exchanges, points to a changing dynamic in Bitcoin ownership and trading behavior.

Whale Wallets Stir After Years of Inactivity

The Bitcoin wallet that moved this took it easy for almost 12 years. Recently that address sprung to life, transferring all 3,422 Bitcoins—valued at approximately $324 million—to a new address. In a similar manner, just two days earlier, another wallet with 2,343 BTC (more than $221 million) was awoken after being dormant for 11.8 years. These movements have caught the attention of market analysts and investors alike, prompting questions about the motivations behind these transactions.

These inactive wallets hold more than 10 percent of all Bitcoin. They were purchased back when the cryptocurrency was still in its infancy and worth a fraction of a penny. BTC holdings In 2012, for example, some of the BTC holdings were worth as little as $46,000. This fact underscores the monumental gains that have been achieved over the last 10 years. So, the resurgence of these “old whales” would be an interesting layer to the otherwise atypical market dynamics today.

When all of that Bitcoin leaves one exchange and goes to another, it’s often enough to shift the market sentiment and price action. Why these wallets suddenly come to life is unclear. To the industry, they’re watching every move for hints of how the market might change. Depending on the context, the transfers might have been out of profit-taking, diversifying their portfolio or other strategic choices made by the long-term holders.

Market Dynamics and Potential Selling Pressure

Recent transactions related to Bitcoin point to a clear pattern of moving BTC to exchanges. Combined with this buying pressure, this activity implies that short term selling pressure could be increasing. The added value of transaction was 1,142 BTC, worth $107.68 million. This large transfer went from an unknown wallet to Coinbase Institutional – a major exchange platform that caters exclusively to institutional investors. As such, these movements usually foreshadow selling pressure as holders move their assets to exchanges to potentially liquidate their assets.

Riot Platforms, one of the largest Bitcoin mining operators in the US, further increased the market’s selling momentum. Then, in April 2025, they sold 475 BTC. These sales by mining companies are regular occurrences as they look to cover operational costs and reinvest in their infrastructure. The cumulative impact of these transactions alone could be significant enough to add downward pressure on Bitcoin’s price.

Despite the potential for increased selling pressure, some analysts believe that the market is becoming "cleaner," with price movements driven more by organic demand rather than large-volume sell-offs.

This suggests less whale selling and, perhaps, a “cleaner” market environment in which price movements are driven by organic demand rather than large-volume sell-side pressure. - Analysis from CryptoQuant

Shifting Market Participation and Long-Term Growth

Bitcoin Exchange Whale Ratio dropping below 0.3 on April 23, a sign of less participation from whales in the market. This metric measures the proportion of Bitcoin held by the largest wallets on exchanges, and a decrease suggests a broader distribution of ownership. With the recent flow, we see a change from institutional/big trader flows to more retail dominant flows.

Bitcoin’s long-term growth potential continues to be the most significant factor driving market sentiment. Since then Bitcoin has increased in value by about 7,018 times representing one of the biggest appreciation stories over the last decade. Despite short-term volatility and potential selling pressure, many investors continue to view Bitcoin as a valuable asset with significant upside potential.

On the monthly chart, Bitcoin is still managing to hold key support levels at $93,000 and $83,000. Watch these levels for a potential buying opportunity, or at least an indication that declines may continue.

The current NUPL is 8%, while its 30-day SMA remains negative and holds at -2%. Until NUPL exceeds 40%, selling pressure from this cohort will remain minimal, which is a bullish signal. - Analysis from Axel Adler Jr. on X