Bitcoin Whale Moves Record $1.1 Billion From Long-Dormant Wallet
A dormant Bitcoin holder from the cryptocurrency’s origins recently moved over $1.1 billion worth of Bitcoin to major centralized exchanges, raising concerns about potential market sensitivity during a period of traditionally low liquidity.
Known as a Satoshi-era whale, this investor moved 40,000 BTC ($4.6 billion) in two transactions on July 9 and July 10, according to Cointelegraph. Subsequent analysis revealed approximately 10,000 BTC ($1.18 billion) has since been transferred out of this original wallet and deposited into exchanges.
Market Worrys and Retroactive Analysis
Industry observers noted the timing coincides with heightened fears over potential correction, especially following the new auditing requirements under the “GENIUS Act.”
Financial analyst Jacob King voiced concern via X (formerly Twitter), stating, “That alone will burst the biggest bubble and fraud in financial history: Bitcoin. It’s entirely propped up by fake money printed out of thin air.”
“This whale movement, although eye-catching, should not overshadow the constructive momentum the crypto industry is gaining on the regulatory front.”
“Last cycle, whales sold to retail. This time, old whales sell to new long-term whales.”
Context and Analysis
While the move drew some concern, Bitfinex analysts downplayed fears of a widespread market reversal, highlighting positive regulatory developments instead.
Looking longer term, some analysts see the movement as a positive indicator, suggesting institutional readiness rather than bearishness.
Onchain analyst EmberCN suggested around $1.38 billion worth of Bitcoin remains available for sale, but believes the market can likely absorb it without major disruption.
Breathing Room Amid Institutional Shift
The so-called “Bitcoin cycle theory,” which describes four-year market cycles, appears under question, with observers pointing to institutional investment as an accelerating factor.
New developments such as the establishment of US Bitcoin ETFs are increasingly challenging the traditional cycle patterns established over the cryptocurrency’s history.