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- Early Bitcoin whales are locking in massive profits, moving hundreds of millions into exchanges.
- Bhutan is strategically selling BTC to fund public spending while maintaining reserves.
- Whale-driven inflows are increasing short-term selling pressure on Bitcoin.
Bitcoin is facing renewed volatility as large holders ramp up selling activity, with both early adopters and sovereign players moving significant amounts of BTC onto the market. The latest wave of transactions highlights a broader shift in sentiment, as long-dormant wallets awaken and governments adjust their crypto strategies.
Early Bitcoin Whale Locks in Massive Profits
A long-time Bitcoin holder who accumulated 5,000 BTC more than a decade ago has resumed selling, offloading another 1,000 BTC worth roughly $71.6 million. Since late 2024, the wallet has transferred around 3,500 BTC—valued at over $330 million—to exchanges.
The investor originally acquired Bitcoin at an average price near $332 in 2013. With average selling prices approaching $94,000, the realized profit is estimated at roughly $330 million. Despite the ongoing sales, the wallet still holds about 1,500 BTC, worth over $100 million at current prices.
In a separate development, another early investor—reportedly linked by on-chain analysts to a large BTC holder—sold an additional 650 BTC. Combined with earlier transactions, this entity has offloaded more than 11,000 BTC, exceeding $1 billion in total value. However, such wallet attributions remain unconfirmed and occasionally disputed.
Bhutan Adjusts Bitcoin Strategy with Strategic Sales
At the same time, the Royal Government of Bhutan has been actively managing its Bitcoin reserves. Through its sovereign wealth fund, Druk Holding & Investments, the country moved 973 BTC—worth over $72 million—across multiple addresses.
Additional transfers included funds sent to private wallets and an over-the-counter trading platform, signaling a mix of liquidity management and potential off-exchange sales. So far in 2026, Bhutan has shifted more than $110 million in BTC.
The country’s Bitcoin strategy is closely tied to its mining operations, powered by low-cost hydroelectric energy. While mining has historically been profitable, the 2024 halving has increased operational costs. Bhutan appears to be partially liquidating holdings to support public spending, including infrastructure and government salaries.
Whale Activity Signals Broader Market Trend
Data shows that large holders continue to dominate Bitcoin flows into exchanges. The “exchange whale ratio” recently surged to 0.83, indicating that the majority of deposits are coming from top wallets. Although the ratio has since eased, whales still account for a significant share of selling pressure.
Also Read: Hyperliquid Hits $1.43B as Strategy Buys Bitcoin Faster Than It’s Mined – What’s Next?
This uptick in large-scale transfers coincides with a pullback in Bitcoin’s price. The cryptocurrency has dropped more than 4% in the past 24 hours and remains significantly below its 2025 peak.
The latest wave of Bitcoin sales from early adopters and sovereign entities underscores a shifting market dynamic. While long-term holders are realizing profits, governments like Bhutan are balancing reserves with economic needs. Together, these moves are adding short-term pressure to Bitcoin’s price, even as the network’s long-term fundamentals remain intact.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
