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Based on reports, a long-dormant Bitcoin whale made a surprise move this week, snapping up 250 BTC for about $26.37 million. It’s the first time this wallet has shown activity in two years.
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The purchase has stirred talk among traders and on-chain analysts alike. Some see it as a sign that big players are getting ready for more action in the weeks ahead.
Whale Returns After Two Years
According to Lookonchain data, the same whale pulled 500 BTC out of Gemini back in 2022 when Bitcoin was trading near $27,400, a move worth nearly $14 million at the time. Now, with BTC hovering around $105,000, the whale’s holdings sit on an unrealized gain of over $39 million.
That kind of profit margin grabs attention. Other large holders often watch these moves closely. They wonder if this is the start of a wider trend or just one wallet’s play.
A whale that had been dormant for 2 years bought another 250 $BTC($26.37M) 9 hours ago.
2 years ago, this whale withdrew 500 $BTC($13.7M) from Gemini at $27,401, now sitting on an unrealized profit of $39M.https://t.co/c0U92isSfc pic.twitter.com/vcb4V3M0Uz
— Lookonchain (@lookonchain) June 8, 2025
Big Gains On Early Bet
Early adopters have seen massive upside in Bitcoin over the years. This whale’s 2022 withdrawal came just before a multi-year price boom. Since then, Bitcoin has climbed nearly 300%.
Not everyone can make moves like that. Small investors often feel left behind when a wallet this size shifts coins. Still, some traders say it can create a ripple of optimism. When big holders buy, retail traders sometimes pile in, chasing the same gains.
Technical Indicators Show Mixed Signals
On the charts, BTC seems to be shaping an inverse cup-and-handle pattern with a significant neckline at $100,800 serving as major support. The price has fallen into the handle stage, and a dip below $100,800 could propel Bitcoin to $91,000, which coincides with its 200-day exponential moving average (EMA).
Bitcoin’s relative strength index (RSI) is 52, indicating the bullish momentum is fading. A fall below 50 could introduce additional selling pressure. For the bulls to regain control, BTC must recapture the 20-day EMA resistance, which is just above $105,000.
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Market Volatility And Liquidations
There were some wild price movements last week fueled in part by social media battles between US President Donald Trump and billionaire Elon Musk. The price of bitcoin fell below $101,000 for a moment, causing close to $1 billion in liquidations across futures markets, before recovering to above $105,000 within hours.
The miner capitulation signal was also detected by CryptoQuant’s Hash Ribbons indicator, pointing to near-term pain for worse-off miners, but some potential rallies ahead once they pulled through.
Featured image from Unsplash, chart from TradingView
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