A large, dormant Bitcoin wallet moved a massive amount of coins to an exchange on Thursday, rattling traders and reigniting debate about where big holders stand.
According to on-chain data, a Satoshi-era wallet that had not moved funds for 13 years transferred roughly 12,000 BTC — about $1.4 billion at current prices — in a set of transactions that landed on an exchange ledger.
HE MADE A MIND BLOWING $1.4 BILLION – ONE OF THE MOST PROFITABLE ON-CHAIN SALES EVER.
Some market watchers warned that if larger sell orders hit exchanges, positions using borrowed money could be forced to close, which would make price moves sharper.
Others said the market’s mood was more nervous than panicked; large transfers often spark anxiety even when no immediate sale follows.
If that fails, he warned that the next clear support sits near $100,000. Traders will watch order books and exchange flows closely in coming sessions to see whether the transferred coins are converted to fiat or simply shifted between wallets.
Based on reports from Chris Kuiper, CFA, the broader selling pressure appears driven more by long-term holders than by panicked sellers.
Kuiper pointed to the share of Bitcoin that has remained inactive for one year or longer. That metric usually climbs in slow markets and drops sharply during fast rallies.
This time, the decline has been gradual. The pattern suggests steady profit-taking over time rather than a sudden exodus.
“Who is selling?”
I’m not unique in suggesting it’s the long-term holders (or HODLers).
Market observers say gradual sales fit a maturing market where older holders lock in gains without trying to time a perfect top.
Where past cycles saw abrupt moves from large dormant wallets, the current trend looks more measured. That does not rule out short-term volatility, but it changes how traders interpret big transfers.
For now, the market’s next moves will likely be set by a mix of on-chain flows and how price behaves around the $104,000–$105,000 area.
Short-term traders will react to exchange data. Long-term investors may watch the inactive-supply metric and adjust plans more slowly.
The transfer of 12,000 BTC is a big piece of information. How traders act on it will determine whether this becomes a headline event or just another moment in Bitcoin’s long rise.
Featured image from Unsplash, chart from TradingView
