A long-dormant Bitcoin whale has resurfaced after 14 years, transferring tens of thousands of Bitcoin and shocking the cryptocurrency market.
The transfer involved a total of 40,000 Bitcoin, now worth billions of dollars, raising speculation about price volatility and potential market shifts. Analysts are closely monitoring this movement as it is considered one of the largest transfers of coins from a pre-2011 address in Bitcoin's history.
The sudden activity has impacted key metrics for long-term coin holders, raising questions about future selling pressures. Meanwhile, Bitcoin continues to hover near major resistance levels as traders prepare for potential breakouts or pullbacks.
●▪︎Bitcoin whale moves 40,000 Bitcoin for the first time since 2011
Two large Bitcoin transactions were executed, each carrying 10,000 Bitcoin, after 14.3 years of inactivity.
According to cryptocurrency analyst Martin, the assets were last moved on April 2, 2011, when each transaction was worth only $7,793. Today, these coins themselves exceed a value of $2.18 billion. These assets are now held in two new wallets, indicating a possibility of reallocation or transfer in preparation for further action.
Lookonchain added that the wallet owner appears to control eight addresses, collectively holding over 80,000 Bitcoin, worth approximately $8.7 billion.
While four wallets were activated, the remaining four wallets have not moved any funds yet. The timing and destination of the recent transfers have led to widespread monitoring by market watchers. Furthermore, Lookonchain reported that two other whales also transferred 10,000 Bitcoin.
This movement has led to a sharp rise in on-chain indicators like the SOPR for long-term coin holders and the Coin Days Destroyed (CDD) index.
Martin noted that the SOPR ratio showed a realized profit of 2,459 to 1, turning $15,500 into over $2.19 billion. The CDD index, which measures the age of consumed coins, also increased, as more than 104 million days of work were destroyed in a single day, a level rarely recorded.
Historically, this sudden awakening of dormant coins has preceded periods of increasing volatility. While no sell-offs have been observed on exchanges so far, the market remains cautious as the dormant supply returns to active trading.
●▪︎Bitcoin price faces major resistance near $109,000
While whale activity has increased, Bitcoin's price trades near critical supply levels.
As noted by IT Tech analyst, Bitcoin price touched its highest level at $110,484 after rising from a base level of $105,010. The price remains in an upward trend, but heavy sell orders between $109,200 and $109,600 are limiting upward momentum.
Short-term support lies between $108,400 and $107,600, with a major trend forming around $105,000. The market could sharply decline or rise to low trading volume areas above $110,200 if buyers regain control.
Confirmation remains critical as Bitcoin navigates through a narrow range laden with liquidation triggers.
Traders are now in a waiting state. Price movement around $109,000 may determine whether Bitcoin will experience a breakout or correction. The sudden awakening of early coin holders and the massive shift in trading volume have renewed uncertainty.
Currently, the focus remains on whether more than 80,000 Bitcoin will be moved from dormant wallets. With demand facing resistance, the coming days may determine Bitcoin's direction in the near term.