Dormant Bitcoin Whales Move $2B – Market on Edge

by Ouess

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

BTC Price/Trading Volume. Source: Santiment

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

BTC Futures Open Interest. Source: Coinglass

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

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