Bitcoin OG sells $72 million in BTC as whales flood exchange deposits
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A bitcoin (BTC) whale that accumulated 5,000 BTC about 13 years ago has resumed selling on Wednesday, offloading another 1,000 BTC, worth about $71.6 million.
Onchain analytics provider EmberCN flagged that the wallet "bc1q…6ym" has transferred a total of 3,500 BTC, valued at roughly $332 million, to Binance since it began selling in November 2024.
The whale reportedly bought bitcoin in 2013 at an average price of $332 per BTC, and sold it at an average price of $94,786, resulting in approximately $330 million in profits. The wallet still holds around 1,500 BTC, worth about $106.8 million.
Separately, blockchain analytics platform Lookonchain reported that early bitcoin investor Owen Gunden sold another 650 BTC, worth about $46.3 million, on Wednesday. The latest transaction adds to prior disposals totaling roughly 11,000 BTC, or more than $1 billion, according to Arkham data cited by Lookonchain.
Although onchain analysts identified the wallet as Gunden's, he could not be reached for confirmation. Such analyst attributions have been disputed in the past.
Whale migration
The activity reflects a broader trend of long-dormant crypto being reactivated and distributed into the market.
According to CryptoQuant data, the bitcoin exchange whale ratio hit 0.83 on March 14 — meaning the top 10 BTC deposits accounted for 83% of total BTC inflows to exchanges. This is around the highest level since July 2024.
As of today, the exchange whale ratio sits at 0.66, indicating that whale holders are still driving the majority of deposits into exchanges.
Bitcoin fell 4.5% over the past 24 hours to $70,813 as of 12:55 a.m. ET Thursday, according to The Block's price page. The world's largest cryptocurrency has retreated more than 43% from its all-time peak of around $124,700 in October 2025.
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.
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source: https://www.tradingview.com/news/the_block:615053f8c094b:0-bitcoin-og-sells-72-million-in-btc-as-whales-flood-exchange-deposits/
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