The global digital assets market recorded a minor pullback on Friday as Bitcoin was unable to hold the $109K mark. Amid this drawdown, on-chain data shows that two resting BTC whale wallets woke up and chose to move around 20,000 Bitcoin (approx. $2.18 billion). Bitcoin price is now up by 89% over the past year.
This move comes in when US lawmakers prepare for a landmark legislative blitz, “Crypto Week.” The event is scheduled for July 14–18, when the House is set to review and potentially pass three key bills that could reshape the American crypto landscape.
Dormant Bitcoin wallets move $2.18b+
As per the data shared by Lookonchain, one wallet (12tLs9c9Rs) first bought 10,000 BTC for a mere $7,805 back in April 2011 when Bitcoin was trading at $0.78, and moved its holding just a few hours ago. Now, that same haul is worth over $1 billion.
Just moments later, a second wallet (1KbrSKrT3Ge) was caught moving another 10,000 BTC, bringing the total to $2.18 billion moved in a single morning. That’s a jaw-dropping 140,000x return on the original investment of $7,805. However, it is still not confirmed that these two wallets are linked to one person or entity.
Another wallet of this Bitcoin OG also transferred out 10,000 $BTC ($1.09B) just now after being dormant for 14+ years.
14 years ago, $BTC was only $0.78 — that’s a mind-blowing 140,000x return! https://t.co/e2m8AunEMchttps://t.co/G0YXqPi4mK pic.twitter.com/E1fgGlYA4u
— Lookonchain (@lookonchain) July 4, 2025
All this comes as markets are still hesitating. Bitcoin rallied past $110,000 overnight, then pulled back to $108K levels. Despite US Bitcoin Exchange-traded funds (ETFs) continuing to accumulate, corporate treasuries stacking BTC, the market seems split between bullish momentum and macro caution.
Bitcoin price is up by more than 3% in the last 30 days and is trading at an average price of $108,895 at press time. The biggest crypto is just inches away from reclaiming its recently made all-time high of around $112K.
GOP pushes crypto bills
The timing of this on-chain event comes when Republicans are planning to bring three major crypto bills to the floor. Every investor’s eyes are on the CLARITY Act (market structure), the Anti-CBDC Surveillance State Act, and the Senate’s recently passed GENIUS Act, which aims to put stablecoins under a federal regulatory framework.
In a coordinated announcement on Thursday, House Financial Services Chair French Hill, Agriculture Chair Glenn “GT” Thompson, and Speaker Mike Johnson declared their intent to move forward with these acts. “House Republicans are taking decisive steps to deliver the full scope of President Trump’s digital assets and cryptocurrency agenda,” Johnson said in a statement.
The push indicates the most aggressive legislative effort yet to align US crypto regulation with the GOP’s pro-business platform. This includes placing privacy, decentralization, and market freedom at the heart of the nation’s digital asset framework.
Republican leaders say the goal is to make the US the crypto capital of the world, while protecting financial sovereignty in the face of growing global CBDC adoption. “This is a historic opportunity,” said Majority Whip Tom Emmer, a longtime crypto advocate. “By sending these three pieces of legislation to President Trump’s desk, we will protect Americans’ right to financial privacy.”
The cumulative crypto market stood at $3.35 trillion, with the 24 hour trading volume of $109.4 billion. The stablecoin market cap is at just $264.4 billion, where Tether’s USDT is leading the race with $158.4 billion cap.
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