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Bitcoin faced intensified selling pressure on July 4 as the reactivation of 14-year-old wallets containing 80,000 BTC 【$8.69 billion】 sent shockwaves through crypto markets. The BTC/USD pair dropped 1.6% to $107,564 on Bitstamp, breaching the crucial $108,000 support level that analysts had identified as critical for maintaining bullish momentum.
Blockchain analysts at Lookonchain identified eight interconnected wallets that suddenly transferred 40,000 BTC after 14 years of inactivity. ——These transactions represent some of the earliest recorded Bitcoin movements—— with two wallets receiving their 20,000 BTC allocations in April 2011 when the cryptocurrency traded at just $0.78 per coin.
The market reaction highlights crypto traders' sensitivity to "OG whale" activity, particularly when involving coins mined during Bitcoin's first two years of existence. Social media speculation ran rampant, with some commentators suggesting potential links to pseudonymous creator Satoshi Nakamoto—though no verifiable evidence supports these claims.
Trading analytics revealed immediate consequences:
• Liquidation heatmaps showed concentrated short positions above $110,000
• Toxic order flow spiked as market makers absorbed unexpected selling pressure
• 【$42 million】 in long positions were liquidated within 4 hours of the wallet activity
Notably, the sell-off occurred during reduced liquidity conditions with U.S. markets closed for Independence Day—a factor that may have amplified price movements.
Chart analysts warned of potential trend reversal signals as Bitcoin threatened to lose its ascending support line dating back to the $112,000 all-time high. Rekt Capital noted the daily close would prove decisive, stating: "This could either become a textbook retest or the start of deeper correction."
The incident renews focus on Bitcoin's supply dynamics, with approximately 1.8 million BTC remaining unmoved since 2010-2013. While blockchain transparency reveals these movements, the real-world identities and motivations behind such transactions remain cryptocurrency's enduring mystery—one that continues to move markets when solved.