Bitcoin Whale Wakes Up After 9 Years, Moves $383M as BTC Climbs to $65K

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At the time, the portfolio was worth about $100 million. Today, it is valued at $383 million, which is a gain of 284%.

What makes this transfer notable is the journey the whale has already endured. Bitcoin immediately entered a bear market in 2018 and fell almost 80% right after the whale bought. The coin dropped as low as $3,200. Quite a number of investors sold at that time, but this holder stayed put.

The wallet was still inactive during the coin’s bull run to $69,000 in 2021. Even when the market crashed again in 2022 and BTC fell to $15,500, the coins were still not moved.

That downturn temporarily pushed the portfolio below its purchase price. This means the holder sat through years of gains and losses without touching the funds. At the peak of the 2025 bull run, the holdings were worth $726 million.

Meanwhile, there is no evidence that the Bitcoin whale has sold any of the coins. The tokens were only moved from an older address to a newer address. So, because the coins did not move to an exchange wallet, analysts believe the transfer could simply be an internal wallet upgrade rather than a market sale.

BTC reclaimed $65K as market sentiment improves

The timing of the transfer comes just as the crypto looks to recover from its downturn. According to a new Glassnode report, improving economic data is strengthening confidence in the crypto market.

Bitcoin outperformed both U.S. and European stock markets after the U.S. CPI data release, which showed that inflation has started to ease. The market reacted positively, with BTC climbing toward the $65,000 price after weeks of sideways trading.

Source: Glassnode

Glassnode said this reaction signals that sellers may be running out of steam while buyers are now more willing to enter the market when positive news comes to light. In other words, buyers have absorbed most of the selling pressure.

“The Accumulation Trend Score by wallet size shows a heavy, broad wave of buying into the June lows, spread across small wallets and large ones alike. Since price stabilized, that intensity has faded and the market has settled into waiting,” Glassnode analysts shared.

Another reason for the change in sentiment was the PPI report. It also pointed to easing inflation. Lower inflation usually boosts expectations that central banks could be less aggressive with their monetary policy. This helps Bitcoin’s upward movement. 

The report also noted that BTC is still above the average cost basis of all investors and below the short-term holder cost basis of $69,000. Meanwhile, long-term holders have slowed their profit-taking activity.

Institutional sentiment has improved as well. U.S. spot Bitcoin ETFs have had two days of inflows in a row after a spell of outflows. The funds recorded $181 million and $107 million in net inflows on Tuesday and Wednesday, respectively.

Source: Glassnode

Source:: Bitcoin Whale Wakes Up After 9 Years, Moves $383M as BTC Climbs to $65K