Bitcoin Struggles to Break $110,000 as Dormant Whales Move Billions in BTC – Crypto News – Crypto News
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Bitcoin Struggles to Break $110,000 as Dormant Whales Move Billions in BTC Bitcoin Struggles to Break $110,000 as Dormant Whales Move Billions in BTC

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Bitcoin Struggles to Break $110,000 as Dormant Whales Move Billions in BTC – Crypto News

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The crypto market turned lower on Friday morning amid reports that dormant whales from the 2011 era began moving billions of dollars worth of Bitcoin.

Bitcoin (BTC) retraced 1.8% over the past 24 hours, trading around $107,896 as of early Friday, unable to reclaim the $110,000 level yet again. Ethereum (ETH) fell 3.8% to $2,513, while Solana (SOL) and XRP (XRP) both lost nearly 3%, dropping to $148 and $2.20, respectively.

BTC Price

The total crypto market capitalization is down 5.6% on the day to $3.4 trillion, while leveraged liquidations totaled $187.4 million, according to data from CoinGlass. As usual, Bitcoin led the wipeouts with over $43 million, followed by ETH with nearly $40 million and altcoins at nearly $26 million.

Bitcoin spot ETFs recorded a total net inflow of $602 million on July 3, with all twelve funds posting gains and no outflows, according to data from SoSoValue. Spot Ethereum ETFs brought in $148 million the same day, although Grayscale’s Ethereum Trust registered a $5.4 million outflow.

Forgotten Hoards

The market appears to be undergoing a silent reshuffle, as long-dormant Bitcoin holders, including early miners, offshore funds, and anonymous wallets, reduce their exposure while institutional buyers ramp up.

On Friday morning, at least 60,000 BTC — worth roughly $6.5 billion — were moved from several dormant wallets that hadn’t been touched in 14 years, according to data from Whale Alert, which tracks large crypto transactions across multiple blockchains.

The transfers were split into six batches of 10,000 BTC each. According to blockchain analyst Lookonchain, four of the wallets belong to a single entity that holds at least 80,000 BTC. It’s unclear if any of the funds are destined for exchanges, presumably to be sold.

Still, even as long-time holders reduce exposure, institutions such as ETFs, treasury firms, and corporations appear to be absorbing the selling pressure. These entities have collectively acquired nearly 900,000 BTC over the past year and now hold around 4.8 million coins, nearly a quarter of Bitcoin’s circulating supply, Bloomberg reported, citing data from 10x Research.

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