A Bitcoin holder, after years of dormancy, has started selling, with a large amount of BTC being transferred to exchanges. On-chain data shows that early holders are selling, adding more supply to the market. Whale activity is influencing the direction of Bitcoin’s price.
On March 18, 2026, the early holder sold another 1,000 BTC, which was worth almost $71.6 million. This early holder, who had gathered 5,000 BTC more than 13 years ago, has been slowly unloading its holdings since it went into a period of dormancy.
According to data from a blockchain analysis firm, EmberCN, which shared data on the activities of the wallet, identified as “bc1q…6ym,” the whale has sent a total of 3,500 BTC, valued at approximately $332 million, to Binance since it started selling in November 2024. However, the whale still holds approximately 1,500 BTC, valued at more than $106 million.
The scale of the profit is substantial. The investor is said to have acquired the cryptocurrency in 2013 at an average price of only $332 per coin. The sale of the cryptocurrency in recent times averaged $94,786 per coin. The profit generated is estimated at $330 million.
In a separate update, data from Lookonchain reveals that early Bitcoin investor Owen Gunden sold off 650 more BTC on the same day, amounting to approximately $46.3 million. Gunden has now sold off almost 11,000 BTC, worth more than $1 billion, according to Arkham Intelligence.
However, it is important to note that although the connection of this wallet activity to Gunden has been made, it has yet to be directly confirmed by Gunden himself. Similar wallet identifications have been made in the past and have been found to be false.
Bitcoin Whale Dominance Drives Exchange Pressure
This latest round of selling is reflective of a broader theme occurring across the crypto space, wherein original holders of these assets are beginning to move assets that have been dormant for a number of years.
As per the data presented by CryptoQuant, the exchange whale ratio of Bitcoin recorded a value of 0.83 on March 14. This indicates that the top 10 deposits represented 83% of the total Bitcoin deposits made on the exchange, a value as high as it has been since July 2024.
Currently, this ratio is at 0.66, which implies that large holders still dominate in terms of the total Bitcoins being sent to exchanges.
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Bitcoin Loses Ground on Whale Activity
At the time of writing, Bitcoin is trading at $70,633, down 4.77% over the last 24 hours, according to CoinMarketCap. The BTC has also dropped more than 43% from its all-time high of approximately $124,700 recorded in October 2025.
As large holders are still selling large amounts of Bitcoin, the market may experience more volatility in the short term due to increased supply and demand.
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