Onchain Analyst: Long-Sleeping Bitcoin Whale Resurfaces, Shifting 2,300 BTC to Paxos Wallet

On Monday, onchain analyst Emmett Gallic spotted a heavyweight bitcoin whale making waves after dropping 2,300 BTC into a Paxos-tagged deposit address. Despite that hefty move, the whale is still swimming in deep crypto waters—holding 32,490.38 BTC worth a cool $3.44 billion.

Analyst Emmett Gallic Flags $245M Bitcoin Move From Long-Inactive Whale

Bitcoin’s price has slipped 7.7% over the past week, touching an intraday low of $105,300 per coin. Amid the dip, this whale decided to shuffle a chunk of its stash into a Paxos wallet, as detailed in Gallic’s analysis.

“A bitcoin Whale that hasn’t moved funds in 6 years deposited 2,300 BTC to Paxos 13 hours ago,” he wrote. “This whale holds at least 31K BTC ($3B).”

The analyst added:

“Paxos does operate a OTC desk as well providing custody to institutional investors.”

Arkham Intelligence data shows the whale tagged “may-2018-whale” clutching roughly 32,490.38 BTC. According to Gallic, this entity hadn’t budged a single coin in years — until now. The recent $245 million bitcoin transfer cost a jaw-dropping $4.79 in onchain fees. The November transaction comes right after 98 long-dormant BTC wallets stirred in October, collectively shifting nearly $298 million worth of bitcoin.

So far this month, dormant bitcoin wallets dating back to 2009 through 2017 have shown almost no activity—just one lonely move on record for November. Yesterday, on Nov. 2, 2025, at block height 921975, btcparser.com data revealed that 60.41066 BTC—valued at $6.4 million—moved for the first time since Nov. 20, 2013. The whale’s latest maneuver adds another twist to bitcoin’s ongoing saga of dormant giants stirring after years of silence.

Whether it signals portfolio reshuffling or a deeper play, the timing amid market turbulence hasn’t gone unnoticed. For now, all eyes remain on the “may-2018-whale” as onchain watchers track its every digital ripple.

FAQ

• Who identified the bitcoin whale movement?

Onchain analyst Emmett Gallic first reported the whale’s $245 million bitcoin transfer.

• How much bitcoin did the whale move?

The entity sent 2,300 BTC worth about $245 million to a Paxos-linked deposit address.

• What did the transaction cost in fees?

The whale paid roughly $4.79 in onchain fees to complete the massive transfer.

• Why is this whale move significant?

It marks the first activity from the “may-2018-whale” in years and adds to a growing trend of dormant wallets reawakening.