Bitcoin Whales Move $118M As Exchange Inflows Surge

A single early bitcoin wallet moved $71.6 million in BTC on Wednesday. The transfer highlights renewed sell-side pressure as large holders dominate exchange inflows during a period of declining prices.

Onchain analytics provider EmberCN reported that the wallet sent 1,000 BTC to Binance, adding to 3,500 BTC worth $332 million transferred since November 2024. The wallet accumulated 5,000 BTC in 2013 at an average $332 price and has sold at roughly $94,786, generating about $330 million in realized gains. It still holds 1,500 BTC valued near $106.8 million.

Are Whale Deposits Signaling Sustained Sell Pressure?

The activity coincides with a spike in large-holder exchange flows. Data from CryptoQuant shows the bitcoin exchange whale ratio reached 0.83 on March 14, meaning the top 10 deposits accounted for 83% of total inflows. That compares with current levels near 0.66, still indicating whales drive the majority of exchange activity.

Separately, blockchain analytics firm Lookonchain reported that early investor Owen Gunden sold 650 BTC worth $46.3 million on Wednesday. The sale follows prior disposals totaling roughly 11,000 BTC, exceeding $1 billion, based on data from Arkham cited by Lookonchain. Attribution of wallets to individuals remains probabilistic and has been disputed in prior cases.

Bitcoin declined 4.5% over the past 24 hours to $70,813, according to price data. The asset now trades more than 43% below its October 2025 peak near $124,700, indicating sustained distribution from long-term holders into weaker market conditions.

Still, the pace of whale transfers suggests a supply overhang may persist if large holders continue reallocating dormant balances. Market participants will watch exchange inflow concentration and large wallet activity for confirmation of continued distribution trends.