After holding for over six years, a large Bitcoin whale transferred 4,582 BTC coins, worth approximately $377.6 million, to five different addresses, while Bitcoin once again faced selling pressure around the $83,000 level.

This Bitcoin whale transferred 4,582 BTC, approximately $377.6 million, to five separate recipient addresses. Four of these addresses each received 1,000 BTC, while another address received about 582 BTC alone.

The initial wallet received these bitcoins in March 2020, with a holding value of approximately $40.8 million at that time.

Another dormant Bitcoin wallet transferred out 4,500 BTC, worth approximately $375.7 million, after four years of inactivity.

Analyst CryptoQuant and Reporter Darkfost stated that the Coinbase premium is negative, indicating that the selling pressure from American participants is relatively stronger.

The blockchain analysis platform Lookonchain reported this transaction on October 12th and identified the sender as wallet 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x. The funds were distributed to five recipient addresses; four of these addresses received 1,000 units of BTC each, while another address received approximately 582 units of BTC. According to initial analysis, these recipient wallets had not yet transferred any funds out at that time.

Bitcoin whales transfer out $378 million after holding for many years

According to the on-chain records of Arkham, the wallet initially received 4,582 BTC on March 3, 2020. At that time, the value of these holdings was approximately $40.8 million, with the Bitcoin trading price being close to $8,900. Calculated based on the valuation of this transfer on Monday, the same balance is now worth about 9.3 times more than it was initially.

These funds originally came from the Bitcoin address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot. On-chain records show that this wallet retained almost its entire balance during the market crash in March 2020; at that time, affected by the outbreak of the COVID-19 pandemic, Bitcoin once fell below $4,000.

Although the wallet was described as being dormant for six years, its transaction history shows that there was a small withdrawal in August 2024 amounting to 0.009 BTC. The remaining funds were then returned to the same wallet. Therefore, this transfer on Monday represents the first large-scale transfer since receiving these coins in March 2020, not the first transfer of any size at all.

As of the time of reporting, these five recipient addresses have not yet been identified as exchange recharge wallets. Lookonchain has also not confirmed whether these addresses belong to different owners or whether they are controlled by the original holders. This transfer was not accompanied by any confirmed sales, and its purpose remains unknown.

This move included a series of large transfers from dormant Bitcoin wallets that were recorded in 2026. In July, another wallet that had not been active for over eight years transferred 5,908 BTC, worth approximately $383 million. Based on the blockchain records at that time, it was not possible to confirm whether these coins had been sold.

Another dormant Bitcoin whale transferred out 4,500 BTC.

This transaction was also separately identified through blockchain monitoring, and the funds were transferred to another Bitcoin address. Existing records cannot confirm whether the holder intended to sell, transfer the assets to custody, or reorganize their holdings between different wallets.

In total, these two reported transfers involve approximately 9,082 BTC, with a value of about 753.3 million US dollars based on the prices at the time of each transaction. These transfers occurred on different dates, came from different wallets, and there is no evidence to suggest any connection between them.

Similar activities have also been recorded since the beginning of this year. In July, Arkham identified a wallet that transferred out 2,931 BTC after seven years without any significant activity, worth approximately $188 million. The holder purchased these coins when Bitcoin was near $6,500, so by the time of the transfer, the wallet had accumulated a considerable amount of unrealized profit.

On-chain monitoring companies track long-held coins through indicators such as "days since coin destruction" ( Coin Days Destroyed ) and "spent output age range" ( Spent Output Age Bands ). CryptoQuant uses these indicators to observe when older Bitcoin holdings become active again. Transfers of long-held coins may be accompanied by selling behavior, but a wallet transfer alone does not prove that the holder has liquidated any assets.

CryptoQuant Warning: Increased selling pressure on Bitcoin in the United States

At the same time, analyst Darkfost stated that the selling pressure among participants in the U.S. market is increasing in October. His judgment is based on Coinbase Premium Index, which compares the Bitcoin price on Coinbase with the price on Binance.

According to this analyst, the volume-weighted version of this indicator has been deeply negative for several consecutive days, indicating weaker demand or stronger selling activity on Coinbase. This method assigns greater weight to larger transactions, thereby reducing the impact of smaller transactions on price fluctuations.

Darkfost interprets these negative values as follows: institutions and professional market participants using Coinbase are more active in selling, while traders on Binance do not have such strong selling pressure. However, this comparison cannot directly identify individual sellers, and the negative premium alone cannot prove the scale of institutional Bitcoin sales.

His judgment was made after American demand weakened. On October 12th, CoinGlass data showed that the Coinbase Bitcoin premium index had been negative for 19 consecutive days, with the lowest value being around -0.12%. This indicator compares the Bitcoin trading price on Coinbase with prices elsewhere in the market.

CryptoQuant Previously, utilizing Coinbase Premium Index research institution requirements, this indicator was used to track the relative buying strength of participants in the US market. Continuous negative values indicate a price discount on Coinbase, although this indicator covers the activities of different categories of investors.

This analyst believes that higher borrowing costs and decreased liquidity are restraining professional investors from further increasing their exposure to Bitcoin. However, this interpretation still falls under market judgment and cannot directly prove a link between the Coinbase premium and this large whale transfer of 4,582 BTC.

As large-value wallets continue to transfer funds, the price of Bitcoin is under pressure.

As of press time, Bitcoin is trading at around $83,500, down about 1% in 24 hours, after once falling to around $81,220 during the session. This trend occurs as traders pay attention to exchange activities, macroeconomic developments, and large-scale on-chain transfers.

During the same period, QCP Capital maintained its benchmark trading range for Bitcoin in the fourth quarter between $80,000 and $90,000. The institution considers $80,000 to be an important support level and stated that if the price can consistently stay above $87,000, $94,000 could become a target. These levels reflect QCP's market outlook and are not confirmed future prices.

Bitcoin transfers related to the U.S. government have also drawn attention during the recent market downturn. From October 7th to 8th, government-related wallets transferred approximately 9,261 units of BTC to Coinbase Prime, worth $770 million. These transactions involved multiple sets of seized assets, including Bitcoin related to the hack incident involving Bitfinex.

The on-chain data recording a $770 million Bitcoin transfer by the U.S. government does not confirm that these coins have been sold. Coinbase Prime provides both custody and trading services; therefore, transferring to this platform alone does not prove that the settlement has been completed.

In addition, on October 9th, the listed Bitcoin mining company MARA Holdings transferred approximately 996.105 BTC to Galaxy Digital and another associated address, worth $81.13 million. Lookonchain identified these transactions, but the current on-chain records do not prove that MARA has completed the sale.

When the Bitcoin transfer involving MARA Holdings occurred, the Bitcoin trading price was close to $82,300, and market data indicated that short-term technical indicators were still weak. The transactions disclosed by this mining company did not include publicly confirmed selling prices or completed disposition agreements.

Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.