A Satoshi-era Bitcoin whale moved 2,650 BTC worth about $203 million to FalconX and Cumberland in three transactions on Sunday. Onchain Lens, citing Arkham data, said the wallet still holds nearly 6,000 BTC, currently valued at around $462 million.
The transfers do not confirm that the coins were sold right away. Still, early-holder wallets tend to draw close scrutiny whenever they become active, especially at a time when traders are already watching exchange inflows and ETF redemptions for signs of added supply pressure.
Transfers to trading firms put the market on alert
Coins sent to firms such as FalconX and Cumberland are sometimes linked to over-the-counter deals rather than direct selling on public exchanges. That route can help large holders move size without causing the same level of disruption in spot markets.
Market participants often react before that distinction becomes clear. Dormant whale activity is frequently treated as a bearish signal by retail traders, and concern over a possible liquidity event could leave Bitcoin facing another test of the recent $74,600 support area.
Whale activity arrives as exchange inflows rise
The latest transfer comes during a period of growing attention on Bitcoin moving onto exchanges and trading desks. Earlier this month, another dormant address shifted 500 BTC worth about $40.6 million after more than 12 years of inactivity. In a separate move last month, a different whale sent nearly $20 million in BTC to Binance.
CryptoQuant analyst Darkfost previously said Binance saw almost 10 consecutive days of elevated Bitcoin inflows. The exchange’s weekly average BTC inflows climbed from 378 BTC on May 16 to 1,190 BTC in less than 10 days. He also reported a daily inflow above 3,600 BTC on May 18, while exchange reserves rose from 616,000 BTC on April 24 to 632,000 BTC within one month.
According to Darkfost, investors usually move Bitcoin onto exchanges when preparing to sell, cutting exposure, or locking in profits during uncertain periods. He tied the inflow trend to market weakness associated with geopolitical tensions and softer demand for risk assets.
ETF outflows add to short-term pressure
Spot Bitcoin ETFs in the United States have also been recording persistent outflows. Reported data showed that U.S.-listed spot Bitcoin ETFs posted net outflows for six straight trading sessions between May 15 and May 22, with total redemptions across 11 funds reaching $1.26 billion.
Santiment said past ETF outflow streaks have at times appeared before longer accumulation phases. Even so, the firm added that weaker ETF demand combined with rising exchange inflows can reduce visible buyer support in the near term. At the time of reporting, Bitcoin was trading around $77,220. The asset had briefly fallen to nearly $74,600 on Saturday before recovering modestly, though it remained far below its October 2025 all-time high near $124,900.