Bitcoin whales shift $100M+ as oil spike rattles markets

Ancient Bitcoin holders moved millions to exchanges as Middle East tensions drove oil higher, fueling a broader risk-off shift across crypto and traditional markets.

Ancient Bitcoin holders moved tens of millions of dollars to exchanges as Bitcoin fell and energy prices jumped after attacks on Gulf oil and gas infrastructure deepened the conflict involving Iran, Israel and the United States.

Ancient whale “bc1ql” sent 1,000 Bitcoin (BTC), worth around $71 million at current prices, to Binance on Wednesday, according to blockchain data platform Arkham. The whale initially bought 5,000 BTC 13 years ago and still holds about 1,500 BTC worth about $106 million, according to blockchain analytics platform Onchain Lens.

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The same day, one of the earliest Bitcoin holders, Owen Gunden, also transferred 650 BTC ($46 million) to crypto exchange Kraken, marking his first large sale in five months, when he sold a total of 11,000 BTC ($1.12 billion), according to analytics platform Lookonchain.

The transfers added to signs of profit-taking among some long-term holders as traders reacted to a broader risk-off move driven by the Middle East energy shock.

The whale movements follow reports of Israel striking Iran’s giant South Pars gasfield on Wednesday, after killing Iran’s intelligence minister, Esmail Khatib, the third senior Iranian figure assassinated over the past few days, the BBC reported. South Pars is part of the world’s largest natural gas field, with Qatar and Iran both operating facilities in the area.

After the strikes, Brent crude rose above $119 a barrel before easing to about $114.77, while WTI briefly touched $100 and later traded near $96.59, according to data from Trading Economics.