977 million "Ancient Giant Whales" awaken! Has a new round of sell-off begun?
On July 9, a whale address that had been dormant for over ten years suddenly activated, transferring 9,000 BTC in a single transaction and a total of 17,000 BTC within 24 hours.
Such movements from "ancient addresses" have historically signaled market turning points—similar operations in 2023 triggered a 14% single-day crash.
Three major speculations about the whale's intentions:
OTC sell-off precursor: The transfer to a new address may pave the way for over-the-counter trading. Currently, whales are anonymously transferring BTC to institutions through a “physical transfer” strategy, avoiding exchanges' sell-offs.
In the past year, this model has facilitated over 500,000 BTC from early holders to ETFs and listed companies.
Cross-chain testing signal: Some whales will conduct small trials on the BCH chain before transferring; if this is accompanied by testing transactions, it could indicate cross-chain deployment to evade regulation.
Changing custodians: If the target address is associated with Coinbase's custodial service, it reflects that institutions are accumulating at low prices—Coinbase's premium gap has surged to a historical peak of +$78, proving strong buying pressure from U.S. institutions.
Triple impact on the market:
Psychological pressure: Retail investors see whale movements as a “top escaping guide,” which may trigger follow-on sell-offs;
Spot selling pressure: If transferred to exchanges or OTC sell-offs occur, it will directly impact the critical support of $105,000;
On-chain activity surge: Large transfers increase network fees, possibly squeezing retail trading demand.
The awakening of whales is not a coincidence! Historical data shows that such operations often occur at key resistance levels (Bitcoin has repeatedly attempted to break through $112,000 without success). If on-chain tracking confirms transfers to exchanges, be wary of repeating the March “single-day evaporation of $10,000” incident; conversely, if it is institutional accumulation off-exchange, it could become a catalyst for breakthroughs.
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