Bitcoin Whales Stir, But No Immediate Selling Pressure
Multiple long-dormant Bitcoin wallets have recently become active on-chain, raising questions about potential selling pressure. According to data from Arkham and KuCoin, three wallets transferred significant amounts of BTC in July: 2,931 BTC (~$188 million) on July 13, 5,908 BTC (~$383 million) on July 16, and 700 BTC on July 20.
The largest transfer, worth approximately $383 million, occurred when a wallet dormant since December 2017 moved 5,908 BTC to a newly created address. This paper profit is nearly 283 million dollars. However, the funds did not directly enter any known exchange, indicating no immediate plan to sell.
The market's response was cautious due to its fragile state, with Bitcoin trading around $64,000, nearly 50% below its all-time high of ~$126,000 from October 2025. Long-term holder positions account for about 79% of the circulating supply, an all-time high, while the reactivation volume of old coins is at its lowest since 2012.
The recent transfers are part of a broader trend. According to Galaxy Digital Head of Research Alex Thorn's assessment, the largest redistribution of old coins since the 2017 cycle is largely complete, with the activation volume of ancient coins in 2026 projected to be less than half of 2025.