An early bitcoin holder (BTC) has moved another 500 BTC, worth about $33 million at the time of the transaction, to Binance, continuing what seems like a steady unwind of coins accumulated more than a decade ago.

Last week, the same address sent 5,000 BTC to exchanges, as The Block reported. Trackers show the unknown holder has been gradually distributing holdings into exchange liquidity over recent months.

Onchain data tracked by Arkham Intelligence — which first acquired 5,000 BTC in November 2013, according to blockchain analysts EmberCN — has now transferred around 4,000 BTC to Binance since late 2024.

The wallet now holds about 1,000 BTC, valued near $66 million at current prices.

While it’s unconfirmed that the deposits were intended for sales, the deposit patterns usually point to a holder offloading assets via crypto exchanges.

Such movements have also become more frequent recently. Long-dormant bitcoin wallets have reactivated, often moving coins to exchanges as early holders lock in gains after years of inactivity.

Similar patterns have surfaced across the market, including a recent case of an Ethereum ICO-era wallet offloading tens of millions of dollars’ worth of ether (ETH), as well as another bitcoin address that moved more than 2,000 BTC after being untouched for over a decade.

If indeed intended for liquidations, the deposit likely adds to the ongoing sell pressure mounting on bitcoin and ether. Bitcoin has slipped below $66,500, down more than 5% over the past week, while ether has fallen below $2,000, losing over 7% in the same period, according to The Block’s price page.

Expand Chart