Early bitcoin whale sends another $33 million to Binance, extending long-running exchange deposits
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An early bitcoin holder (BTC) has moved another 500 BTC, worth about $33 million at the time of the transaction, to Binance, continuing what seems like a steady unwind of coins accumulated more than a decade ago.
Last week, the same address sent 5,000 BTC to exchanges, as The Block reported. Trackers show the unknown holder has been gradually distributing holdings into exchange liquidity over recent months.
Onchain data tracked by Arkham Intelligence — which first acquired 5,000 BTC in November 2013, according to blockchain analysts EmberCN — has now transferred around 4,000 BTC to Binance since late 2024.
The wallet now holds about 1,000 BTC, valued near $66 million at current prices.
While it’s unconfirmed that the deposits were intended for sales, the deposit patterns usually point to a holder offloading assets via crypto exchanges.
Such movements have also become more frequent recently. Long-dormant bitcoin wallets have reactivated, often moving coins to exchanges as early holders lock in gains after years of inactivity.
Similar patterns have surfaced across the market, including a recent case of an Ethereum ICO-era wallet offloading tens of millions of dollars’ worth of ether (ETH), as well as another bitcoin address that moved more than 2,000 BTC after being untouched for over a decade.
If indeed intended for liquidations, the deposit likely adds to the ongoing sell pressure mounting on bitcoin and ether. Bitcoin has slipped below $66,500, down more than 5% over the past week, while ether has fallen below $2,000, losing over 7% in the same period, according to The Block’s price page.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
source: https://www.tradingview.com/news/the_block:87a68ac2d094b:0-early-bitcoin-whale-sends-another-33-million-to-binance-extending-long-running-exchange-deposits/
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