Bitcoin Price Nears $65K as a Whale Moves $383M After 8 Years

Key Insights:

• A Bitcoin whale moved 5,908 BTC, worth about $383 million, as Bitcoin price traded near the $64K level.
• The funds were sent to a new wallet rather than to a known exchange address.
• BTC price holds near $64,000 as traders watch $63,000 support.

A Bitcoin whale has moved 5,908 BTC worth about $383 million after more than eight years of inactivity. The entire balance shifted to a newly created address on Wednesday evening. Onchain records show no transfer to a known cryptocurrency exchange. That detail reduces evidence of an immediate market sale.

The move came as the Bitcoin price traded near $64,000, having reached an intraday high of $65,486. BTC fell about 1.1% over 24 hours, reflecting cautious market sentiment and a lack of fresh catalysts. Traders now watch whether support near $63,000 can hold while whale activity draws wider attention.

Bitcoin Whale Moves the Entire Balance to a New Address

Lookonchain reported that wallet “138EM…ReyiT” transferred its full balance at 7:15 p.m. ET on Wednesday. Arkham data showed the Bitcoin whale sent the coins to a fresh recipient address. The funds remained there after the transaction, with no visible deposit from the exchange.

The dormant Bitcoin wallet first received the 5,908 BTC in December 2017. Bitcoin traded near $16,800 at that time, valuing the holding around $99.6 million. The position is now worth almost four times that amount.

The whale held the coins through several major market cycles, including the 2018 bear market, the 2021 bull run, and the 2022 market downturn. That whale wallet also remained inactive when Bitcoin reached its all-time high value of $126,198.07 on October 6, 2025. At that peak, the wallet balance exceeded $700 million.

Onchain details suggest the owner may have reorganized custody rather than prepared a public sale. The coins moved from a legacy address starting with “1” to a native SegWit address starting with “bc1q.” SegWit addresses can reduce transaction size and fees compared with older formats.

Bitcoin Whale Activity Grows as BTC Holds Near $64K

The latest Bitcoin whale transfer follows another long-dormant movement earlier this week. A separate wallet moved 2,931 BTC worth about $188 million after seven years. That holder also sent the funds to a new address rather than a known exchange wallet.

Neither transaction confirms selling pressure. However, large transfers often receive close attention when market liquidity is thin.

CryptoQuant data show that the ten largest deposits recently accounted for about 99% of Bitcoin sent to exchanges. A high exchange whale ratio suggests that large holders are responsible for most exchange inflows. It may signal increased selling pressure if those deposits are intended for liquidation.

Bitcoin price was trading at around $64,043 at press time, with an intraday range of $63,879 to $65,486. The price has struggled to keep gains above $65,000. A break over $65,600 could improve short-term momentum. Support near $63,000 remains the nearest level to watch.

Peter Brandt Flags an Early Bitcoin Price Bottom Pattern

Veteran trader Peter Brandt said Bitcoin may be forming an inverted head-and-shoulders bottom. He described the structure as highly unconventional and stressed that confirmation remains unavailable. The pattern would need stronger price action before traders could treat it as reliable.

An inverted head-and-shoulders setup usually includes three troughs. The middle trough extends below the two surrounding lows. A confirmed breakout above the neckline would validate the bullish reversal setup and could signal that Bitcoin’s recovery is gaining momentum.

Bitcoin has rebounded from its recent low below $58,000, but the recovery has stalled at the $65,000 level. The Bitcoin crypto whale movement adds another onchain signal while price remains below that resistance zone.

Near-term conditions remain mixed. Holding above $63,000 may support another test of $65,600. A loss of that floor could expose the $61,250 region. Brandt’s chart remains an early possibility rather than a confirmed Bitcoin crypto bottom.

The information provided in this article is for general informational purposes only and should not be considered financial or investment advice. Readers should consult a qualified financial advisor before making any investment decisions, as cryptocurrency markets can be highly volatile.

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