When a massive whale stirs in the ocean, waves ripple far and wide. Likewise, when a major bitcoin (BTC) holder, known as a crypto whale, moves coins on-chain, it sparks chatter across social media as traders speculate whether a big sale — and potential price drop — might follow.

Early Friday, two wallets identified as “12tLs…xj2me” and “1KbrS…AWJYm” transferred a combined 20,000 BTC, valued at over $2 billion, to new blockchain addresses. The transactions were initially flagged by blockchain monitoring service Whale Alert and subsequently reported by Lookonchain.

These two addresses originally received the coins back on April 3, 2011, when bitcoin was trading at roughly 78 cents. With BTC prices now above $109,000, the holdings reflect an extraordinary gain of roughly 140,000 times the original value, giving the whales significant incentive to cash out.

Indeed, numerous long-term bitcoin holders have started selling since BTC surpassed the $100,000 mark in May.

However, blockchain data shows the latest transfers went to non-exchange addresses, which have remained inactive since receiving the coins. For now, there’s no clear evidence that the transfers signal profit-taking or plans to liquidate.

It remains to be seen whether these movements will ultimately lead to sales — or if the whales are simply reorganizing their holdings after over a decade of dormancy.