Woofun AI reports that a dormant Bitcoin whale has reactivated after a seven-year hiatus, moving significant assets and drawing attention from analytics firms Arkham and Onchain Lens.

The transaction involved 2,931 Bitcoin (BTC) transferred from wallet ‘356my’ to address ‘bc1qn’ on Sunday, valued at $188 million. Given the asset’s entry price near $6,500 and current levels around $64,000, Onchain Lens estimates a ten-fold gain for the holder.

Woofun AI data shows that broader market dynamics reveal heightened whale activity, with Coinglass defining these entities as moving at least $10 million. Currently, 99% of exchange inflows stem from the 10 largest individual transfers, resulting in a whale transfer ratio of 0.99. This metric is widely interpreted as a bearish signal, suggesting impending sell pressure rather than routine retail accumulation.

This on-chain activity compounds existing headwinds from spot Bitcoin exchange-traded fund (ETF) holders. While US-traded spot Bitcoin ETFs saw $197 million in net weekly inflows leading up to Friday, June recorded $4.51 billion in net outflows, marking their worst month on record.