Dormant Bitcoin Whales Move $2B – Market on Edge

Two long-dormant Bitcoin wallets—holding a combined 20,000 BTC (worth $2 billion)—were reactivated today, sending shockwaves through the crypto market.

• Wallet 1: Created in April 2011 (BTC price: $0.78)
  • Held 10,000 BTC untouched for 14+ years
  • Moved in full to a new address on July 4, 2024
• Wallet 2: Another 2011 whale with 10,000 BTC
  • Made an identical transfer around the same time

Historically, such moves have signaled long-term holder capitulation, often preceding major sell-offs.

Market Reaction: Fear & Caution

📉 Trading Volume Drops 15% ($46B in 24h)
📉 BTC Price Down 1% ($108,978 at press time)
📈 Futures Open Interest Rises 1% ($76B)

Why This Matters:

• Low volume + price drop = weak market conviction
• Rising OI suggests speculative short bets
• Market is fragile—large sell orders could trigger cascading liquidations

What’s Next for Bitcoin?

🔴 Bearish Scenario:

• If whales dump, BTC could test $106,295 support

🟢 Bullish Scenario:

• If whales hold & sentiment improves, breakout above $109,267 could target $110,422