Bitcoin (BTC) in 2025 is garnering significant interest as long-inactive Bitcoin wallets, often called 'old whales', are becoming active again after years of dormancy.
Recent large transactions from wallets that had not been used for over a decade and significant movements of Bitcoin to exchanges are attracting the attention of the crypto community. These events reflect changes in the behavior of major investors and may indicate potential price volatility in the future.
Old Bitcoin whales have suddenly become active again.
Recently, 3,422 Bitcoins, equivalent to $324 million, were transferred from a wallet that had been inactive for 12 years to a new address. These Bitcoins originated from BTC-e, one of the oldest closed exchanges.
In 2012, the initial value of these BTC was only $46,000. Today, their value has increased by 7,018 times, which is a vivid testament to the long-term growth potential of Bitcoin.
Around the same time, another wallet with 2,343 BTC, worth over $221 million, was reactivated after 11.8 years of inactivity. Transactions from these 'sleeping' wallets often attract significant attention in the community, as they may indicate that experienced investors are beginning to liquidate assets or prepare for other strategic moves in the market.
Bitcoin movements to exchanges: increasing selling pressure?
In addition to the reactivation of long-inactive wallets, the market is also witnessing a series of large Bitcoin transfers to major exchanges. According to Whale Alert, these transactions surged sharply at the beginning of May 2025.
In particular, 2,402 BTC were transferred from Ceffu to Binance, 600 BTC ($56.65 million) were transferred from an unknown wallet to Bitfinex, and 1,636 BTC ($154.05 million) along with 1,385 BTC ($130.74 million) were sent from Cumberland to Coinbase Institutional. Another transaction involving 1,142 BTC ($107.68 million) was also recorded from an unknown wallet to Coinbase Institutional.
These movements indicate that Bitcoin whales are actively moving their assets to exchanges, which is often interpreted as a sign of potential selling pressure.
In addition to individual whales, Riot Platforms, a leading Bitcoin mining company, sold 475 BTC in April 2025 to cope with industry pressure. This move comes amid rising operational costs in the Bitcoin mining sector following the 2024 halving, forcing many companies to liquidate some of their assets to support operations. Meanwhile, MicroStrategy, an institutional investor known for its Bitcoin accumulation strategy, continues to buy despite criticism for its high-risk investment approach. However, data from Coinglass shows that last week, exchanges recorded a net outflow of 15,700 BTC, and total balances fell to 2.2 million BTC. This may indicate a long-term accumulation trend among large investors who are withdrawing Bitcoin from exchanges for storage in cold wallets, reducing the circulating supply in the market.
What consequences did these movements have for the Bitcoin market?
The actions of old whales and large institutions fuel speculation about the future direction of the Bitcoin market. According to the CryptoQuant report for March 2025, the whale ratio on the Binance exchange has recently decreased, indicating reduced selling pressure from major investors, which is a positive signal for BTC's price.
The whale ratio on exchanges, which dropped below 0.3 on April 23, indicates a significant shift in participation, from institutional or large traders to more retail-oriented flows. Short-term Bitcoin holders have yet to realize significant profits to create selling pressure, and upward momentum is still building.
"The current NUPL is 8%, while its 30-day SMA remains negative and hovers around -2%. As long as the NUPL does not exceed 40%, selling pressure from this segment will remain minimal, which is a bullish signal." Analysis shows that
However, recent Bitcoin transfers to exchanges suggest that short-term selling pressure may be increasing, especially as Bitcoin fluctuates around $95,000, with key support levels at $93,000 and $83,000.
The reactivation of long-inactive wallets also signals confidence from experienced investors who are preparing for a new bull cycle. These events paint a complex picture of the market, where opportunities and risks loom on the horizon.
The revival of old Bitcoin whales, significant transfers to exchanges, and actions by institutions like Riot Platforms are heating up the crypto market in 2025. These movements reflect a change in sentiment among major investors and may shape Bitcoin's price trends in the coming months. While the potential for growth remains, investors should be cautious and prepared for unexpected market fluctuations.