In 2025, long-dormant Bitcoin wallets have reactivated, with notable transfers like 3,422 BTC worth $324 million moving to new addresses. These developments signal potential market volatility as major Bitcoin transfers to exchanges increase, raising concerns of selling pressure. Institutions like Riot Platforms are adjusting their strategies amid rising operational costs, while large investors are withdrawing Bitcoin to cold storage, indicating complex market dynamics.
A surge of activity has erupted in the Bitcoin (BTC) market in 2025, as long-dormant wallets, known as “old whales,” awaken after years of inactivity. Recent significant transactions from these untouched wallets and large movements of Bitcoin to exchanges have sparked interest and speculation among crypto enthusiasts. This revival could signal changes in investor behaviour, hinting at potential price volatility ahead.
After a staggering 12 years of dormancy, a wallet was recently activated transferring 3,422 Bitcoins—worth $324 million—into a fresh address. These bitcoins were initially linked to BTC-e, one of the oldest exchanges that has since been shut down. Remarkably, the original value of these Bitcoins stood at merely $46,000 in 2012, meaning they have risen by a jaw-dropping 7,018% due to Bitcoin’s long-term growth trajectory.
Similarly, another sizeable wallet containing 2,343 BTC, equivalent to over $221 million, also reactivated after being inactive for nearly 12 years. The revival of such “sleeping” wallets typically draws significant interest from the community, suggesting that seasoned investors might be planning to liquidate assets or make other strategic market moves.
In addition to wallet activations, there’s also been a flurry of Bitcoin being moved to major exchanges, indicating growing selling pressure. Whale Alert’s recent data reveals that early May 2025 witnessed a spike in substantial transfers. For instance, 2,402 BTC moved from Ceffu to Binance, while 600 BTC (valued at $56.65 million) went from an unnamed wallet to Bitfinex. Other transactions included 1,636 BTC ($154.05 million) sent from Cumberland to Coinbase, with further notable transfers recorded involving unknown wallets. This trend of old whales adjusting their holdings often suggests intentions to sell.
Additionally, Riot Platforms, a leading player in the Bitcoin mining sector, sold off 475 BTC in April 2025 to manage industry pressures. This follows rising operational costs that emerged after the 2024 halving event, pushing many mining operations to liquidate some of their holdings to stay afloat. Despite mixed conditions, MicroStrategy continues its buying spree, undeterred by risks associated with its aggressive investment strategy.
Nonetheless, a recent report from Coinglass highlights that exchanges experienced a net outflow of approximately 15,700 BTC last week, with total balances declining to 2.2 million BTC. This may indicate a broader trend where large investors are moving Bitcoin from exchanges into cold storage, which reduces the circulating supply.
So what do all these movements mean for Bitcoin’s future? Well, the actions being seen from both old whales and significant institutions breathe life into discussions about Bitcoin’s market trajectory. A CryptoQuant report from March 2025 noted a recent decline in Binance’s Exchange Whale Ratio, suggesting reduced selling pressure from large players, which could be a bullish sign for Bitcoin’s price.
With this ratio dropping below 0.3 on April 23, it potentially reflects a shift from big traders towards a more retail-focused market dynamic. Analysts suggest this shift implies decreased whale selling, leading to a “cleaner” market where price changes are driven by genuine demand instead of large sell-offs.
While short-term holders of Bitcoin have not yet realised their profits to create selling pressure, upward momentum looks to be building. Current figures show the Net Unrealised Profit and Loss (NUPL) at 8%, with the 30-day simple moving average at -2%. Indicators suggest that as long as the NUPL remains below 40%, selling pressure from this group will be limited, which is encouraging.
Despite these positive signs, the movement of Bitcoin to exchanges does indicate that short-term selling pressure could rise. Bitcoin currently hovers around $95,000, with key support areas set at $93,000 and $83,000. Consequently, the revival of these long-term wallets signals that seasoned investors are preparing for another bullish cycle, though the picture is a bit complicated, with both opportunities and risks ahead.
In conclusion, the activity surrounding old Bitcoin whales, movements to exchanges, and behaviour from institutions such as Riot Platforms all play a significant role in shaping the crypto landscape in 2025. Monitoring these developments will be crucial for investors looking out for potential price trends in the upcoming months.
