More than $100 million in Bitcoin was transferred to exchanges within 24 hours, adding fresh selling pressure to an already weak market. After falling by more than 20% in June, BTC entered July still looking for a floor and briefly dropped to $57,950. Large exchange deposits have drawn close attention as traders watch for signs of spot selling.
Large holders move coins to exchanges
The report points to several notable wallet clusters tied to Ireland’s criminal investigations, Riot Platforms, and other major investors that sent sizeable BTC amounts to exchanges. One of the most closely watched transfers came from a wallet linked to investor Tim Draper, which moved 150.84 BTC to Coinbase. Based on the article’s estimate, the position was sold at an approximate $2.57 million loss after being held for about a year.
These transfers matter because deposits to exchanges are often treated as a sign that holders may be preparing to sell. At the same time, the “exchange whale ratio,” an on-chain metric that tracks how much of total exchange inflows comes from the largest transfers, climbed to a local high of 0.69. That suggests large players accounted for a bigger share of incoming exchange flows. US spot Bitcoin ETFs also posted $4.51 billion in outflows during June, adding another layer of pressure.
Mining firms keep reducing BTC reserves
Bitcoin miners have also stayed active on the sell side. Riot Platforms has been gradually liquidating BTC reserves to support a strategic shift toward artificial intelligence and high-performance computing infrastructure. Earlier this year, Marathon Digital Holdings, or MARA, sold 15,133 BTC for about $1.1 billion. Core Scientific sold 1,900 BTC in January and said it planned to dispose of its remaining holdings by the end of the first quarter.
The pattern shows mining companies taking a more active approach to balance-sheet Bitcoin management. Instead of simply holding reserves, some firms are using sales to fund operations or reposition capital.
Irish-linked wallets return to the market spotlight
Another source of attention came from wallets tied to an Irish criminal asset case. According to the source material, Clifton Collins used proceeds from illegal cannabis cultivation in late 2011 and early 2012 to buy roughly 6,000 BTC. He split the holdings across 12 wallets, with 500 BTC in each. After Collins was arrested in 2017 and sentenced to five years in prison, the handling of those assets remained under review.
On July 2 and 3, the Irish Criminal Assets Bureau confirmed a third seizure, identifying another 500 BTC as proceeds of crime. The stash was valued at around €27 million, or about $30.91 million. On-chain data cited in the report shows that 500 BTC was deposited to Coinbase Prime in March, while another 500 BTC moved through a wallet linked to Wintermute in May. The latest transfer followed the same pattern. The article also says these wallets had been dormant for nearly a decade before moving again.