- Bitcoin ancient whale wakes up and moves 20K BTC worth $2.18 billion.
- After 14 years, the whale has made a whopping 139,606x in return.
With Bitcoin [BTC] holding close to its ATH, both long-term and short-term holders are enjoying significant profits. Amidst this profitability, ancient coins are starting to move.
In a surprising move, a whale woke up after 14.4 years and moved 20,000 BTC, worth $2.18 billion, to a new address. According to Onchain Lens, this whale transferred these tokens through two separate transactions, each containing 10k BTC.
Fourteen years ago, Bitcoin was trading at just $0.78. At that time, a whale spent $15,610 to acquire a large stash of BTC. Today, that investment has yielded an astonishing 139,606x return.
Interestingly, the coins haven’t been sent to an exchange.
Instead, they’ve been moved to newly created wallets, suggesting the whale may be preparing for a future exit—or simply repositioning strategically within the market.
Source: Bitbo
Despite the recent coin transfers, more Bitcoin is being held rather than spent or traded. In fact, according to Bitbo data, Dormant Coins and Total Unspent have surged to 19.9 million BTC.
Usually, rising dormant coins indicate investors’ conviction to hold regardless of market conditions. With LTHs holding firm, it creates supply pressure that creates upward pressure on price movement.
So, who is selling?
Interestingly, when we examine average dormancy, it suggests that new coins are the ones exiting the market.
According to CryptoQuant data, Bitcoin’s Average Dormancy has declined to 21.5 at press time.
Source: CryptoQuant
A drop in this metric indicates increased movement of younger coins relative to older ones. As a result, Bitcoin’s Exchange Netflow has returned to positive territory.
On the 4th of July, Exchange Netflow spiked to 836.4 BTC, according to CryptoQuant.
A positive netflow means more Bitcoin is being deposited to exchanges than withdrawn, typically a sign that investors are taking profits following the recent surge to $110,000.
Source: CryptoQuant
That said, short-term holders are more active in selling their holdings, while LTHs are staying put.
Any cause for concern?
When long-dormant or “ancient” coins move, it often alarms market participants, mainly because if these holders decide to sell, it could trigger significant downward pressure on Bitcoin’s price.
However, the recent movement of these coins isn’t yet a cause for concern, as they’ve only been transferred to private wallets, not exchanges.
If they are eventually deposited on exchanges, it could align with short-term holders taking profits, potentially leading to a market pullback.
In that scenario, Bitcoin could retrace to its $105,000 support level. On the other hand, if no selling follows, BTC may rebound from the recent dip and attempt to reclaim the $110,000 mark.
