A long-dormant Bitcoin whale wallet offloaded 1,000 BTC on Wednesday, adding to growing selling pressure in the market.
Summary
An early Bitcoin whale has sold 1,000 BTC, bringing total transfers to 3,500 BTC since November 2024 and locking in roughly $330 million in profits.
Additional selling from early investor Owen Gunden and wallets linked to Bhutan suggests a broader trend of large holders distributing assets.
On-chain data from analytics firm EmberCN shows that the wallet “bc1q…6ym” has moved a total of 3,500 BTC since November 2024.
Whale activity intensifies
The wallet, which began accumulating Bitcoin around 13 years ago, reportedly purchased BTC at an average price of $332 and has sold at an average price near $94,786. This translates to an estimated $330 million in realized profit.
At its peak, the wallet held 5,000 BTC. Even after the latest transactions, it still retains around 1,500 BTC, currently valued at approximately $106.8 million.
Broader distribution trend
The selling is not isolated. Separate on-chain data indicates that Owen Gunden has offloaded another 650 BTC—worth about $46.3 million—bringing his total sales to roughly 11,000 BTC, exceeding $1 billion in value. However, ownership of the associated wallets remains unverified.
Meanwhile, Bhutan-linked wallets, associated with Druk Holding and Investments, have also transferred around $72.3 million worth of Bitcoin, contributing to a decline in the country’s crypto reserves from previous highs.
Market indicators reflect this shift. Data from CryptoQuant shows the exchange whale ratio—a measure of large-holder inflows—rose to 0.83 on March 14, signaling increased whale activity on exchanges.
In addition to selling, some whales have taken bearish positions. A pseudonymous trader known as Jason has repeatedly opened large short positions, including a recent 2,281 BTC short on Binance at around $74,238.
Market impact
Amid this wave of whale-driven activity, Bitcoin’s price has declined over 4.5% and is now down nearly 43% from its all-time high, highlighting the impact of large-scale distribution and shifting market sentiment.
