I just noticed a pretty interesting phenomenon—a Bitcoin whale address that had been dormant for 14.5 years has been activated. This kind of event may seem minor, but in the on-chain data community, it often signals a quiet shift in market structure.

While checking data early this morning, I suddenly received an alert: once these ancient addresses move, it's rarely a small action. According to on-chain analysis data, recently, these long-sleeping whales have been making frequent moves, with some transferring tens of thousands of Bitcoins in a single transaction. Having been involved in the crypto market for many years, I know very well—there's definitely something behind this.

First, we need to understand what "whale" means. Simply put, it refers to accounts holding large amounts of Bitcoin. There are roughly 1,000 such players in the market, controlling about 85% of the total Bitcoin supply. Sounds scary, right? These folks usually stay quiet, but whenever they move, the market price often fluctuates significantly.

Especially the awakening of these ancient whales is worth paying close attention to. Just look at this year's data—long-term dormant Bitcoin (held for over 7 years) transferred in the first quarter of 2025 have doubled compared to the same period last year. Specifically, from January to March this year, 62,800 coins were transferred, while in the same period of 2024, only 28,000 coins moved. That gap immediately becomes obvious—long-term holders are changing their minds.