Crypto13 July, 20262 min read
Dormant Bitcoin Whale 356my Transfers 2,931 BTC Worth $188 Million After Seven Years
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Wallet 356my moved 2,931 BTC worth about $188 million after seven years. The coins were transferred to a new address, bc1qn.
Whale stirs dormant Bitcoin
A long-dormant Bitcoin wallet labeled "356my" re-entered the market by transferring 2,931 BTC to wallet address "bc1qn" on Sunday, according to Arkham blockchain data. The KuCoin account of the move said the transfer is worth roughly $188 million at current prices and marked the whale’s first on-chain activity in seven years.
The Reuters-style framing in the KuCoin and Crypto News accounts tied the timing to when Bitcoin traded around the mid-$6,000s, with Crypto News noting the wallet last became active when Bitcoin was priced at roughly $6,500. With Bitcoin changing hands at around $64,000, Onchain Lens estimated the holder is sitting on nearly a tenfold gain, and multiple outlets said the first movement has prompted fresh scrutiny from on-chain analysts.
Exchange inflows skew to whales
CryptoQuant’s exchange whale ratio chart, cited by KuCoin and TradingView, showed whale-led deposits accounting for about 99% of BTC exchange inflows year-to-date, with the metric standing at 0.99 at press time. KuCoin reported that CryptoQuant interprets this high concentration as "historically a bearish signal," linking whale deposits to sell-side preparation rather than routine retail behavior.
TradingView similarly said the whale transfers may add to persistent Bitcoin selling pressure from spot Bitcoin exchange-traded fund (ETF) holders. Coinglass was used by KuCoin and Crypto News to define "whale transfers" as movements of at least $10 million, helping contextualize why large transfers can carry more weight than smaller wallet activity.
ETF flows and what to watch
Farside Investors data cited by KuCoin and TradingView showed US-traded spot Bitcoin ETFs recorded $197 million in net weekly inflows leading up to Friday, but $4.51 billion in net outflows in June, described as the worst month on record. KuCoin framed the combination of whale-led exchange inflows and the "lingering ETF outflow overhang" as a reason analysts keep pointing to "additional pressure" risk when large on-chain balances start to move.
Crypto News said the next market clues would come from whether the coins move again, especially if they transition from private wallets to major exchange addresses. Across the accounts, the central uncertainty was timing, with dormant coins potentially sitting for weeks or months after the first move while traders watch for follow-through toward exchange liquidity.