A Satoshi-era wallet has awakened after 14 years and moved 20,000 BTC, sparking buzz in the crypto community. Typically, these transfers raise concerns among traders as the movement of dormant BTC signals a likely pullback or retracement in Bitcoin price.
Many on-chain data platforms on July 4 reported 10,000 BTC moved from a wallet address after 14.3 years. The whale transferred BTC worth $1.09 billion to a new wallet.
The whale purchased these 10,000 BTC for $7,805 when Bitcoin price was just $0.78 in April 2011. According to Spot On Chain, the whale has made a 140,059 times return at the current BTC price of $109,246.
Lookonchain reported that the whale transferred another 10,000 BTC from another wallet address. This makes the total 20,000 BTC worth over $2.18 billion moved by the Satoshi era whale today.
Bitcoin price has pared its earlier gains and is currently trading 1% lower at $108,674. The 24-hour low and high are $108,811 and $110,541, respectively. Furthermore, the trading volume has decreased by 13% in the last 24 hours, indicating a decline in interest among traders.
Coinglass data indicates selling in the last 12 hours. At the time of writing, the total BTC futures open interest dropped 1% to $75.19 billion in the last 24 hours. BTC futures OI on CME and Binance declined by more than 0.5% and 0.6% in the last four hours, respectively. This signals negative sentiment among derivatives traders.