CryptoQuant rejects dump fears on Bitcoin whale

A Bitcoin whale dormant since 2013 moved $40 million in BTC on May 10, with analysts ruling out an exchange dump.

A long-dormant Bitcoin whale wallet moved about $40 million in BTC on Sunday after more than 12 years of silence. Whale Alert detected the transfer at 19:16 UTC, with funds moving to a new address not associated with any known exchange.

The wallet was created on November 27, 2013, and had remained untouched ever since. Bitcoin traded at roughly $923 when the coins were originally received, making the 500 BTC stash worth about $461,500 at the time. At current prices, that position has risen approximately 87-fold.

Why analysts are not sounding the alarm

CryptoQuant’s Ki Young Ju called it on May 10: “Classic OTC prep, not dump pressure, low fees and non-CEX destination scream institutional.” The transfer fee was just 0.0001 BTC, worth roughly $8 at current prices, a level well below typical exchange inflow transactions.

No spike in large-scale selling pressure was observed after the transfer became public. Blockchain data has not shown the 500 BTC entering any known exchange deposit address. A comparable event in March 2026 saw a wallet dormant since 2012 move 2,100 BTC worth $147 million with no confirmed exchange inflow.

A broader pattern of dormant wallets stirring

On May 10, wallets created between 2013 and 2017 collectively transferred 859.13 BTC, or approximately $69.47 million. Six transactions totalling 319.13 BTC came from wallets created in 2017, while four wallets dating to 2014 each transferred 10 BTC.

Dormant Bitcoin wallets have increasingly resurfaced since BTC crossed the $100,000 mark in late 2024. Several early investors and miners have moved long-held coins over the past year, with some ultimately taking profits after Bitcoin’s sustained rally.