Whales Withdraw Bitcoin and Ethereum from Wallets

The cryptocurrency market is witnessing significant activity from major holders, a trend observed in both the Bitcoin and Ethereum networks.

An unknown whale transferred 10,603 BTC worth $1.26 billion after several years of inactivity, according to Lookonchain, citing Arkham data.

3 wallets (likely belonging to the same whale) just transferred 10,606 $BTC($1.26M) out after being dormant for 3-5 years.

All 3 wallets received $BTC on Dec 13, 2020, when the price of $BTC was $18,807.https://t.co/cSrBKmCTK8https://t.co/0770dlRgtlhttps://t.co/mKTH0Vl0od pic.twitter.com/YBGrixtstc

— Lookonchain (@lookonchain) July 23, 2025

The transactions were made from three addresses. They received bitcoins on December 13, 2020, when the asset’s price was around $18,000. Each wallet received between 3,000 and 4,000 BTC. Two of them remained inactive all this time. Three years ago, 7 BTC were withdrawn from the third wallet in two transactions.

On July 22, the whale completely emptied all addresses. The funds were transferred to three new unmarked wallets and have not moved since.

According to Arkham Intelligence, all three old wallets previously interacted with a common address, indicating the assets likely belong to a single individual or organization.

ETH Whale Activity

A similar situation is unfolding in the Ethereum network. According to CoinDesk, a record number of coins since January 2024—approximately 519,000 ETH worth $1.9 billion—are currently queued for withdrawal from staking.

Roughly 519,000 ETH worth more than $1.9 billion is queued to exit the Ethereum network, the largest since January 2024.

The exodus is likely due to stakers looking to take profits after ETH more than doubling in price since April. Source: CoinDesk pic.twitter.com/LGd5ySYV7Z

— Wu Blockchain (@WuBlockchain) July 23, 2025

Analysts attribute this outflow to users seeking to lock in profits after the price of ether more than doubled since April.

The trend is confirmed by the actions of major players. According to EmberCN, large batches of coins continue to flow from Justin Sun’s exchange HTX to Binance.

7 hours ago, 50,000 ETH (worth $186 million) continued to flow from Justin Sun’s exchange HTX to Binance, according to @EmberCN. pic.twitter.com/nIQNcomzci

— Wu Blockchain (@WuBlockchain) July 23, 2025

Recently, another 50,000 ETH worth $186 million was transferred.

The movement of large capitals occurs against the backdrop of Bitcoin’s rise to new highs and a revival in the altcoin segment. Moreover, the total market capitalization of digital assets has exceeded $4 trillion for the first time.

Earlier this month, a whale from the “Satoshi era” transferred over 80,000 BTC to the Galaxy Digital platform.