After seven years of inactivity, a Bitcoin [BTC] OG holder has moved 2,931 BTC, worth approximately $188.03 million, to a new wallet in a recent on-chain development.
TAnyway, this Bitcoin whale hadn’t touched his assets since October 23, 2018. At the time, the leading cryptocurrency was trading near $6,475.
This means that at the current price the value must have increased almost 10x. Needless to say, such large transfers from long-inactive portfolios often indicate that the owner is about to sell some or all of his assets and realize significant gains.
However, a wallet transfer in itself does not prove a sale. This came after Bitcoin fell 1.36% over the day to $62,939.94 at the time of writing.
Do investors sell at a loss or profit?
However, the SOPR was near 1, indicating that the market as a whole is only making small gains instead of the aggressive profit-taking that usually occurs at cycle tops.
Interestingly, the SOPR remained close to 1 even in October 2018, indicating that coins were issued at purchase price.
However, the market environment has completely changed from a bear market in 2018 to a mature cycle in 2026. While early adopters are still making significant unrealized gains, the overall market is no longer exhibiting excessive profit-taking behavior.
Bitcoin accumulation is strong
At the same time, Santiment’s supply breakdown suggested that retail and retail investors were the main drivers of Bitcoin accumulation between April and July 2026. During this time, wallets holding between 0.1 and 100 BTC steadily grew their balances.
The cohort’s accumulation of 1,000 to 10,000 BTC also suggests that some institutions and big whales are still making purchases.
On the other hand, wallets holding 100-1,000 BTC steadily reduced their holdings, while the 10,000-100,000 BTC cohort experienced abrupt equilibrium changes that most likely reflected transfers between custodians or exchanges rather than outright sales.
Bitcoin is resilient
The fact that Bitcoin rose more than 6% in late June and early July while remaining well above the $60,000 support level further demonstrated its tenacity.
This strength coincided with oil prices rising more than 5% towards the $75 resistance level as macro uncertainty returned after US President Donald Trump withdrew from Iran’s ceasefire.
Historically, corrections in the cryptocurrency market have often followed the rise in oil prices.
Nevertheless, the fact that Bitcoin has managed to maintain its upward trajectory despite these macro challenges raises the possibility of the market becoming more resilient to the fear fueled by macro factors.
Final summary
- After seven years, an early bitcoin whale moved almost 3K BTC to a new wallet.
- This whale move occurred when Bitcoin was trading around $63,000 and the SOPR was at 1.
Credit : ambcrypto.com
