A wallet last active when Bitcoin was trading near $6,500 transferred $188 million of its holdings in recent days, its first onchain movement in seven years.

With the biggest cryptocurrency now trading at around $64,000 apiece, the whale transferred 2,931 Bitcoin (BTC) from wallet ‘356my’ to wallet address ‘bc1qn’ on Sunday, according to blockchain data platform Arkham. 

The whale is likely looking at a nearly ten-fold gain on the long-dormant holdings, according to blockchain analytics platform Onchain Lens.

The transaction comes during a period when whale transfers — those at a minimum of $10 million per Coinglass — are accounting for the majority of Bitcoin flowing to cryptocurrency exchanges. Large whale transfers to exchanges often precede sales, which can place additional pressure on Bitcoin’s price.

Crypto wallet address ‘356my,’ transactions and token balance history. Source: Arkham

Fast becoming year of the whale

Whales have been driving most of the Bitcoin inflows to cryptocurrency exchanges since the beginning of the year.

About 99% of BTC deposited to exchanges is currently from the 10 largest individual transfers, according to CryptoQuant’s chart tracking the ratio of whale transfers to exchanges, which stood at 0.99 at press time. 

Bitcoin: Exchange Whale Ratio – All Exchanges, year-to-date chart. Source: CryptoQuant

A high exchange ratio means that whales account for a disproportionate share of inflows, which is “historically a bearish signal” as these large deposits are more likely to precede significant sell orders than routine retail activity, according to the analytics platform. 

Related: Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact 

The whale transfers may add to the persistent Bitcoin selling pressure from spot Bitcoin exchange-traded fund (ETF) holders.

Bitcoin ETF Flow (USD, million). Source: Farside Investors

US-traded spot Bitcoin ETFs registered $197 million in net weekly inflows leading up to Friday, but saw $4.51 billion in net outflows in June, marking their worst month on record, according to Farside Investors data.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision