OG Bitcoin whale offloads 1,000 BTC as selling pressure intensifies

A long-dormant Bitcoin whale wallet has offloaded 1,000 BTC on Wednesday.

On-chain data tracked by analytics provider EmberCN showed that the wallet “bc1q…6ym” has transferred a total of 3,500 BTC since November 2024.

The whale began accumulating around 13 years ago and reportedly bought Bitcoin at an average price of $332 per BTC and has sold at an average price of around $94,786, generating approximately $330 million in profits. At its peak, the wallet held 5,000 BTC.

After the latest sales, the wallet still holds around 1,500 BTC valued at $106.8 million at current prices.

Such transaction activity is not limited to this wallet. Separate data from early Bitcoin investor Owen Gunden shows he has sold another 650 BTC worth about $46.3 million on Wednesday, bringing his total disposals to roughly 11,000 BTC, or more than $1 billion.

The investor has yet to confirm ownership of the wallet, and such on-chain attributions remain unverified.

Meanwhile, crypto.news reported earlier that Bhutan has transferred roughly $72.3 million in Bitcoin. Wallets connected to Druk Holding and Investments have been offloading portions of its holdings, and the country’s reserves have significantly shrunk since their peak levels.

Recent whale activity may have contributed to this pressure. According to CryptoQuant data, the bitcoin exchange whale ratio, which tracks the share of top 10 deposits relative to total exchange inflows, hit 0.83 on March 14.

Whales have also been observed shorting. Notably, a pseudonymous whale called Jason has repeatedly taken large short positions on Bitcoin, including a recent 2,281 BTC short on Binance opened at around $74,238.

Bitcoin (BTC) price in the meantime has fallen over 4.5% and is down nearly 43% from its all-time high.