Bitcoin whale exits after 12 years: Early Bitcoin bet pays off; markets watch supply impact

A long-inactive Bitcoin wallet has drawn fresh attention after making one of the most profitable exits in cryptocurrency history. The investor, widely known as a Bitcoin whale, bought 5,000 Bitcoin in 2012 when prices were around $332 per coin. The total investment at the time was close to $1.66 million. For more than a decade, the wallet showed no major activity. This long silence made it a well-known example of patience among early Bitcoin holders. Over the past year, however, the wallet began moving Bitcoin to exchanges, signaling the start of a sell-off.

The investor didn't sell the entire holding at once. Instead, the whale sold Bitcoin in small batches over several months. In total, 2,500 Bitcoin were sold at prices above $100,000 per coin, bringing in about $265 million. The most recent transaction involved the transfer of 500 Bitcoin to the Binance exchange, worth nearly $48 million. Market participants said this slow approach helped prevent sudden price drops and reduced pressure on the market. Despite these large sales, the wallet still holds 2,500 Bitcoin. At current prices, the remaining Bitcoin is valued at roughly $237.5 million.

Bitcoin prices have stayed firm despite the whale’s exit. Analysts say this is due to strong demand from institutional investors. Spot Bitcoin exchange-traded funds and large corporate buyers have absorbed much of the supply sold by long-term holders. Blockchain data shows that selling by old wallets increased late last year but has slowed since then. However, data also shows that a large share of Bitcoin moving into exchanges still comes from a small group of big holders, keeping prices sensitive to their actions.