A bitcoin whale that had not moved for 8 years transferred 5,908 BTC to a new wallet. The holdings are currently valued at $382.67 million, or about 570.5 billion won.

On July 17, blockchain outlet The Crypto Basic reported that the wallet, spotted by on-chain analytics firm Lookonchain, had been inactive from around 2018 until recently. At the time, the holdings were valued at $99.64 million, or about 148.5 billion won, and bitcoin traded around $16,865. With bitcoin currently in the $64,700 range, the unrealised gain on the holdings is estimated at $283.0 million, or about 422.0 billion won.

Market attention has focused on the timing of the move. Bitcoin is trading about 49 percent below its all-time high of $126,200 in October 2025. If the whale had sold at the 2025 peak, the 5,908 BTC could have been worth about $745.6 million, or about 1.11 trillion won. That would be $362.9 million, or about 541.1 billion won, more than the current valuation.

Even after bitcoin fell sharply from its peak, long-term holders still have a wide profit cushion. Early investors who accumulated bitcoin before the main 2025 rally are still holding substantial gains.

In this environment, market participants are watching whether the downturn is entering its final phase. A market commentator, Seth, wrote on X, formerly Twitter, that "selling bitcoin now is no different from a crime." He also said selling after a roughly 54 percent correction and $100 billion in liquidations is something only poor people do. He suggested that with prices already down significantly, the scope for a rebound is greater than the risk of further declines.

On-chain data is also pointing to a similar trend. CryptoQuant analyst TopnotchYJ said the bitcoin market is entering a healthy accumulation phase. He said risks from high leverage remain, but investors are buying steadily.

TopnotchYJ then said bitcoin has shifted from the speculative bull market of 2025 to a structural sideways phase. He said the spent output profit ratio, or SOPR, is holding steady around 1.0 and exchange balances are falling, indicating a simultaneous emergence of trading balance and long-term accumulation.

The move shows that early holders' profit structure remains intact even when bitcoin is trading far below its peak. At the same time, changes in on-chain indicators and exchange balances suggested market interest is shifting from short-term trading to accumulation.