A long-dormant Bitcoin whale from the early Satoshi-era has moved more than $200 million worth of Bitcoin to major crypto trading firms, raising fresh attention across the market as exchange inflows and ETF outflows continue to increase.
According to blockchain analytics platform Onchain Lens, citing data from Arkham Intelligence, the whale transferred 2,650 BTC worth around $203 million through three separate transactions to crypto trading firms FalconX and Cumberland.
Despite the large transfers, the wallet still reportedly holds nearly 6,000 BTC valued at around $462 million.
While the movement of funds does not confirm an immediate sale, traders closely monitor dormant whale activity because it can signal that large amounts of Bitcoin may soon enter the market.
Transfers to firms like FalconX and Cumberland are often associated with over-the-counter (OTC) deals, which allow large investors to trade without causing major price swings on public exchanges.
Even so, many retail traders still view the activation of old Bitcoin wallets as a bearish sign, especially during periods of market uncertainty.
The latest transfers come as Bitcoin exchange inflows continue to rise. Earlier this month, another dormant wallet moved 500 BTC after more than 12 years of inactivity, while a separate whale recently transferred nearly $20 million worth of Bitcoin to Binance.
CryptoQuant analyst Darkfost previously reported that Binance experienced nearly 10 consecutive days of elevated Bitcoin inflows.
According to the data, Binance’s average weekly BTC inflows increased from 378 BTC on May 16 to around 1,190 BTC within less than 10 days. The exchange also reportedly recorded a single-day inflow of more than 3,600 BTC on May 18.
Analysts say investors typically move Bitcoin onto exchanges when preparing to sell, reduce risk exposure, or secure profits during uncertain market conditions.
At the same time, US spot Bitcoin ETFs have continued seeing heavy withdrawals. Between May 15 and May 22, the market recorded six straight days of ETF outflows totaling around $1.26 billion.
Although analytics firm Santiment said such outflow periods have sometimes appeared before long-term accumulation phases, it warned that weaker ETF demand combined with rising exchange inflows could reduce short-term buying support.
Bitcoin was trading near $77,220 at the time of reporting after briefly falling toward the $74,600 level over the weekend. The cryptocurrency still remains well below its October 2025 all-time high near $124,900.
