- A Bitcoin wallet believed to be dormant for 14 years transferred 14,273 BTC, worth around $1.67 billion, to exchanges.
- The transfers occurred through Galaxy Digital and included over 5,000 BTC moved within a single hour.
- Over 10,000 BTC were reportedly sold on Binance within four hours, coinciding with a dip in Bitcoin’s price.
- Bitcoin reached an all-time high of $122,838 on July 14 before dropping to about $115,000.
- Potential causes for the recent price drop include profit-taking, upcoming U.S. Federal Reserve decisions, and increased market volatility.
A Bitcoin wallet suspected to be inactive since 2010 moved 14,273 BTC to various exchanges in the past 12 hours, according to data shared by X user ai_9684xtpa. The transferred coins are valued at about $1.67 billion. The transfers took place via Galaxy Digital and were completed soon after Bitcoin experienced a significant price drop.
Blockchain monitoring sites showed that more than 10,000 BTC were traded on Binance in a period of four hours, based on on-chain data. Over 5,600 BTC were moved in just one hour as part of these transactions. The large-scale transfers occurred amid Bitcoin’s latest correction phase.
Bitcoin had recently climbed to a record high of $122,838 on July 14, buoyed by strong inflows from exchange-traded funds (ETFs) and increased purchasing by financial institutions. Since reaching this peak, BTC has gone down to around $115,000. According to Coingecko’s BTC data, the price has declined by 2.5% over one day, 3.2% for the week, and 1.6% for the past two weeks, though it remains up 8.5% for the month and 80% year-on-year.
There is a reported supply gap between the $110,000 and $115,000 price levels, which analysts say could lead to further short-term declines. Selling pressure may be heightened by profit-taking and concerns about increased volatility after such a rapid rise. Investors are also watching the U.S. Federal Reserve closely, with speculation that the Fed’s decisions at its upcoming meeting could further affect Bitcoin prices. A move to cut interest rates could, in theory, boost riskier assets like cryptocurrencies by making borrowing easier.
Despite the recent correction, Bitcoin retains significant gains over the past year, though market participants remain cautious as they await the next moves by large holders and regulators.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- OSL Secures $300M in Asia’s Largest Digital Asset Equity Raise
- Aptos (APT) Surges Amid Volatility, Finds Support at $4.59
- Brazil’s Pix Payment System Sparks US Worries Over De-Dollarization
- Record U.S. Money Supply Fails to Lift Crypto, Markets Slide
- Pinnacle, Synovus Agree to $8.6B Merger, Form Southeast Banking Giant
