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Bitcoin Whale Sends 750 BTC to Binance as ETH Rotation Grows
A long-dormant Bitcoin wallet transferred 750 BTC (worth approximately $83.3 million) to Binance on Tuesday, continuing a noticeable trend of large whale movements seen throughout the summer.
12-Year-Old Wallet Sparks Speculation
According to data from Lookonchain, the coins were first acquired in late 2013, when Bitcoin traded at around $332. The sudden activity from such an old address stirred speculation across social media, with some observers noting the possibility of the holder securing significant profits.
Despite the transfer, the sender address (bc1q5…9mfcm) still holds 750 BTC, according to blockchain analytics platform Arkham. This wallet had previously received funds from another related address, “bc1ql…ltg6ym,” which continues to hold approximately 2,500 BTC—valued at nearly $276.5 million at the current market rate of around $111,000 per BTC, per The Block.
Legacy Wallet Activity on the Rise
Both wallets utilize Bitcoin’s Bech32 address format, introduced with the SegWit upgrade, allowing for improved transaction efficiency and error handling. These addresses are part of a broader wave of legacy wallets becoming active again. Several dormant accounts—some linked to early miners—have reemerged in recent months to move substantial BTC holdings.
While such activity often raises concerns about possible sell-offs, analysts note that not all transfers lead to liquidation. Large holders frequently consolidate assets, test exchange liquidity, or migrate to new custody solutions.
Ethereum Rotation Gaining Momentum
In a related shift, some veteran Bitcoin holders are reallocating part of their assets into Ethereum (ETH), citing growing institutional demand and rising inflows into spot ETH ETFs.
