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An individual or entity holding a large amount of Bitcoin (BTC) - approximately 80,009 BTC, worth about $9.46 billion - appears to be executing large transactions.

This activity occurred as Bitcoin reached an all-time high (ATH) of $123,100, raising concerns that long-dormant wallets may be preparing to take profits.

Satoshi-era whales are cashing out as Bitcoin peaks?

At the beginning of July, BeInCrypto reported that a group of Bitcoin wallets holding over 80,000 BTC - belonging to a mysterious whale from the Satoshi era - had moved after 14 years of inactivity.

Currently, on July 15, 2025, Lookonchain reported that a whale executed two large transactions. One transaction transferred 9,000 BTC ($1.06 billion), and the other transferred 7,843 BTC ($927 million) to Galaxy Digital, an over-the-counter (OTC) trading company.

Galaxy Digital subsequently transferred 2,000 BTC to the centralized exchanges (CEX) Bybit and Binance. These transactions raised concerns about a potential sell-off. Shortly after, the price of Bitcoin corrected more than 5%, dropping to $116,900.

"This is his first withdrawal after 14.3 years," Spot On Chain commented.

The movement of this whale caused a spike in the "Coin Days Destroyed" index of Bitcoin in July. Historically, this is one of the most reliable on-chain signals used to identify corrections or reversals after prolonged bullish periods.

Binance whale activity surged as Bitcoin reached ATH.

Meanwhile, analyst Crazzyblockk has observed an increase in whale activity on Binance through CryptoQuant data. He noted that transactions over $1 million now account for more than 35% of the total Bitcoin flowing into the exchange.

Binance Exchange Inflow Status. Source: CryptoQuant.

Binance exchange inflow status. Source: CryptoQuant.

His findings align with the recent actions of old wallets. According to him, the age data of recent deposits indicates that much of this cash flow comes from old coins. He put forward two possible scenarios behind this movement:

"The increase in these deposits indicates that large-scale investors are preparing for two likely scenarios:

  • Take profit - secure gains after a historic run.

  • Speculation - leverage the deep liquidity of the exchange to hedge or open new positions amid peak volatility.

Regardless, the presence of such significant selling pressure at the main trading venue will increase the risk of sudden price fluctuations." – Crazzyblockk explains.

Bitcoin currently seems to be caught in a fierce tug-of-war. On one side are old wallets likely to take profits after more than a decade. On the other, institutional and publicly listed companies are actively accumulating.