Satoshi-era Bitcoin whale shuffles $8.6 billion, is a dump incoming?

A Bitcoin wallet holding billions just came back online after more than a decade of silence, and it’s now shifting its assets across fresh addresses.

Blockchain intelligence platform Arkham recently spotlighted the re-mergence of a long-dormant Bitcoin whale, which moved roughly $8.6 billion worth of Bitcoin across eight different wallets after 14 years of dormancy.

Each of the wallets had originally received BTC between April and May 2011, back when Bitcoin was still trading below $1. The funds were split into various portions and transferred into eight new addresses, where they currently remain untouched.

The return of long-dormant whales from the early BTC days is often associated with efforts to realize profits, and such large volumes spark speculation that a whale may be preparing to offload a significant portion of its holdings.

However, Arkham Intelligence added that the movement patterns suggest that the transfers were likely part of address upgrades, with the entity moving assets from outdated to newer wallet formats. This kind of shift is often done to improve security and reduce transaction fees, especially for wallets that have remained untouched for years.

The total value of the BTC held across the wallets now sits slightly above $8.62 billion at current prices. Commenting on the whale’s resurgence and movement, 10x Research pointed to growing signs that Satoshi-era wallets like these are quietly offloading into rising Bitcoin ETF and institutional demand. 

According to their research, these early holders, often referred to as “OG whales,” have been gradually reducing their exposure since mid-2024. While the recently reactivated wallets haven’t sold,10x suggests they’re part of a broader shift beneath the surface that may help explain why Bitcoin’s upside has been capped, despite strong seasonal trends and ongoing accumulation by ETFs.

At the time of writing, Bitcoin is trading at $108,729, posting a modest 0.64% gain over the past 24 hours.