Dormant Bitcoin Whale Moves $43M to Gemini, Locks 144% Gain

Bitcoin whale moves 650.76 BTC worth $43M to Gemini after 3 years, securing a 144% gain from a $27,166 entry price.

Blockchain data shows that wallet bc1q9c transferred 650.76 BTC, valued at about $43.05 million, to the Gemini exchange.

The transaction follows a long holding period that began with a withdrawal from Coinbase in 2023.

Whale Reactivates After Three Years

On-chain records indicate that the whale withdrew 650.76 BTC from Coinbase three years ago. At that time, Bitcoin traded near $27,166 per coin. The total value of the withdrawal was approximately $17.68 million.

Whale bc1q9c deposited 650.76 $BTC($43.05M) into #Gemini after 3 years of inactivity, locking in a profit of $25.37M(+144%).

He withdrew 650.76 $BTC($17.68M) from #Coinbase at $27,166 three years ago.

At the peak, his unrealized profit once reached $64.37M(+364%).… pic.twitter.com/n9lR8VWdD9

— Lookonchain (@lookonchain) February 23, 2026

Since then, the wallet has remained inactive. No outgoing transactions were recorded during that period.

The recent deposit to Gemini marks the first major movement of funds since the initial withdrawal.

The transfer suggests the holder may be preparing to realize gains. Exchange deposits often signal potential selling activity, though they do not confirm immediate liquidation.

The movement has drawn attention from market observers tracking large wallets.

Profit Reaches 144% on Realized Basis

Based on current prices, the whale’s holdings were valued at around $43.05 million at the time of deposit.

This represents a profit of approximately $25.37 million. The return equals about 144% over the three-year period.

At Bitcoin’s recent peak, the unrealized profit was even higher. Data shows that the paper gain once reached $64.37 million.

That figure represented a gain of more than 360% from the original purchase value.

The difference between realized and unrealized profit depends on market timing. If the whale sells near the deposit price, the gain would be lower than the peak value.

Market participants continue to monitor exchange wallets for further movements.

Related Reading: Old Bitcoin Whale Reportedly Wakes Up After 12 Years, Moves $85M

Market Context and Whale Activity

Large Bitcoin transfers often attract attention due to their size. A single transaction of 650.76 BTC can influence short-term sentiment.

However, broader market impact depends on overall liquidity and trading volume.

Bitcoin remains volatile, and price swings can alter profit margins quickly. Long-term holders who accumulated during earlier cycles have seen substantial returns.

Some choose to hold, while others move funds to exchanges during rallies. Blockchain transparency allows public tracking of such transactions.

Analysts use wallet activity to gauge potential supply entering exchanges. The recent deposit by wallet bc1q9c adds to ongoing monitoring of whale behavior in the Bitcoin market.