{"id":212,"date":"2025-07-09T12:57:41","date_gmt":"2025-07-09T12:57:41","guid":{"rendered":"https:\/\/bitcoscript.com\/article\/8000-btc-moved-by-6-year-old-wallets-is-correction-overdue\/"},"modified":"2025-07-09T12:57:41","modified_gmt":"2025-07-09T12:57:41","slug":"8000-btc-moved-by-6-year-old-wallets-is-correction-overdue","status":"publish","type":"post","link":"https:\/\/bitcoscript.com\/article\/8000-btc-moved-by-6-year-old-wallets-is-correction-overdue\/","title":{"rendered":"8,000 BTC Moved by 6-Year-Old Wallets: Is Correction Overdue?"},"content":{"rendered":"

Two wallets dormant for over six years each transferred 4,000 BTC (totaling 8,000 BTC) into a Coinbase Prime-controlled custody wallet. The transaction, worth over $860 million at current prices, set off speculations about a market dump as BTC
\n
\n BTC<\/span>
\n $108 323<\/span>
\n <\/span>
\n
\n\t\t\t
\n 24h volatility:<\/span>
\n 0.4%<\/span>
\n <\/span>
\n
\n Market cap:<\/span>
\n $2.15 T<\/span>
\n <\/span>
\n <\/span>
\n
\n Vol. 24h:<\/span>
\n $26.26 B<\/span>
\n <\/span>
\n <\/span>
\n <\/a>
\n\t hovers near all-time highs.<\/p>\n

8,000 BTC Transfer: What’s the Reason?<\/h2>\n

According to on-chain sleuth Mignolet<\/a>, the wallets were initially linked to Xapo Bank but were likely transferred under Coinbase Prime following its acquisition of Xapo’s institutional custody arm back in 2019.<\/p>\n

Given that internal activity on Coinbase Prime custody wallets preceded the movement, Mignolet concludes this was not a retail sell-off or an exchange-traded fund (ETF) rebalance.<\/p>\n

Instead, the transfer likely signals a large over-the-counter (OTC) acquisition, possibly by a corporate or ultra-high-net-worth individual.<\/p>\n

“The transfer pattern differs significantly from ETF-related flows such as BlackRock\u2019s,” Mignolet added. “I believe this move is not ETF-driven, but rather an indication of direct acquisition by a single entity.”<\/p>\n

Meanwhile, Glassnode data highlighted that over 80,000 BTC that had been untouched for five or more years moved last Friday, marking the third-largest revival of long-term dormant coins in history.<\/p>\n

\n

Last Friday, over 80K $BTC<\/a> last active 5+ years ago moved on-chain – a rare event. It marks the third-largest single-day revival of old BTC supply in history. The move occurred at a price of ~$108K, making the #BTC<\/a> worth over $8.6B at the time. pic.twitter.com\/Gr8MGc4Wqu<\/a><\/p>\n

— glassnode (@glassnode) July 8, 2025<\/a><\/p>\n<\/blockquote>\n

Still, the market has barely flinched. According to CoinMarketCap data<\/a>, BTC is priced at $108K, suggesting strong accumulation underneath.<\/p>\n

\u2018Lack of Follow-Through Strength\u2019<\/h2>\n

According to a report by Bitfinex<\/a>, Bitcoin traders are exhibiting \u201ca lack of follow-through strength.\u201d Hovering below its all-time high of $111,970, BTC has traded in a narrow band between $100,000 and $110,000 since late June.<\/p>\n

Bitfinex analysts describe the current market structure as a \u201cdelicate equilibrium,\u201d with sellers exhausted but buyers waiting on the sidelines for a clearer macro catalyst to define the best crypto to buy. \u201cThe broader trend has stalled,\u201d they noted, adding that the market is \u201cwaiting for a fresh catalyst to define the next leg of direction.\u201d<\/p>\n

On the other hand, the US Dollar Index (DXY) hit its weakest level in 21 years relative to its 200-day moving average. The DXY\u2019s weakness is traditionally bullish for risk assets like BTC. Yet, this time, Bitcoin hasn’t reacted.<\/p>\n

\n

Weak Dollar, Strong Bitcoin: A Time-Tested Correlation<\/p>\n

\u201cThis chart highlights periods where the DXY trades below its 365-day moving average. Looking at historical data, it becomes clear that such periods have been highly favorable to BTC.\u201d \u2013 By @Darkfost_Coc<\/a> pic.twitter.com\/viwbcfNhdM<\/a><\/p>\n

— CryptoQuant.com (@cryptoquant_com) July 9, 2025<\/a><\/p>\n<\/blockquote>\n

Darkfost, a well-known analyst, emphasized that this DXY dip<\/a> historically correlates with early bull market phases for Bitcoin, adding:<\/p>\n

\u201cWe are currently in a phase where the weakness of the DXY could fuel a new rise in BTC but the price didn’t react yet.\u201d<\/p>\n

Interestingly, Darkfost could be right as the supply of ERC-20-based stablecoins has reached a new all-time high of $121 billion<\/a>, indicating fresh liquidity entering the crypto space, possibly for new purchases.<\/p>\n

next<\/p>\n

The post 8,000 BTC Moved by 6-Year-Old Wallets: Is Correction Overdue? appeared first on Coinspeaker.<\/p>\n","protected":false},"excerpt":{"rendered":"

Two wallets dormant for over six years each transferred 4,000 BTC (totaling 8,000 BTC) into a Coinbase Prime-controlled custody wallet. The transaction, worth over $860 million at current prices, set off speculations about a market dump as BTC BTC $108 323 24h volatility: 0.4% Market cap: $2.15 T Vol. 24h: $26.26 B hovers near all-time…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[23,53,38,7,8,10],"class_list":["post-212","post","type-post","status-publish","format-standard","hentry","category-cryptocurrency-news","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-cryptocurrency-news","tag-news","tag-story-of-the-day"],"_links":{"self":[{"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/posts\/212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/comments?post=212"}],"version-history":[{"count":0,"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/posts\/212\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/media?parent=212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/categories?post=212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoscript.com\/article\/wp-json\/wp\/v2\/tags?post=212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}