Key Takeaways:
- A Satoshi-era wallet moved 20,000 BTC worth $2.12B after 14 years of inactivity, sparking selloff concerns.
- Despite the whale move, long-term Bitcoin holders now control 14.7 million BTC and show no signs of capitulation.
- Spot Bitcoin ETFs saw over $600M in inflows on July 3, with BlackRock’s IBIT approaching 700K BTC in holdings.
A Satoshi-era Bitcoin whale has moved a staggering 20,000 BTC—worth approximately $2.12 billion—after 14.4 years of inactivity. On-chain data from BitinfoCharts shows the wallet address NY8gD…, which received Bitcoin when the price was just $0.78 in 2011, transferred 10,000 BTC to a new address, TSmxj…, and then another 10,000 BTC to ECyqH… within the hour.
The movement is raising eyebrows across the crypto community. With Bitcoin currently hovering near $109,000, some analysts warn this may be a precursor to significant selling pressure or broader market volatility.
Satoshi-Era Profits Could Trigger Market Moves
The whale’s original BTC holdings, valued at just $7,805 at the time of purchase, are now worth over $2.12 billion—representing a 140,000x return. Such exponential gains, especially when originating from early Bitcoin wallets, often spark selloff fears. While there is no confirmation of an exchange deposit, any subsequent movement to centralized platforms may further alarm traders.
Market watchers are split on the implications. Some suggest the wallet activity could simply represent internal reorganization or custodial security upgrades. Others warn it could trigger panic if interpreted as a signal to exit.
Long-Term Holders Remain Resilient Amid ETF Optimism
Despite the Satoshi-era whale moves, long-term holders appear unfazed. According to blockchain analytics firm Glassnode, long-term Bitcoin holders now control a record 14.7 million BTC. Most of these investors accumulated during lower price ranges and reportedly remain confident in Bitcoin’s upside potential.
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Additionally, the market has been buoyed by continued inflows into spot Bitcoin ETFs. On July 3, spot BTC ETFs saw another $601 million in inflows, with Fidelity’s FBTC leading at $237 million and BlackRock’s IBIT following closely at $222 million. BlackRock’s IBIT has now amassed nearly 700,000 BTC, becoming one of its top-performing ETFs in terms of fee revenue.
A Market on Edge but Supported by Strong Hands
The sudden movement of 20,000 BTC from a dormant Satoshi-era wallet has undoubtedly added tension to the market. However, strong ETF inflows and the firm grip of long-term holders are acting as stabilizing forces, reducing the likelihood of a sharp downturn.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
