Bitcoin Falls Below $108K After 14-Year Dormant Wallets Reactivate

Mysterious Whale Movement Sparks Fresh Satoshi Nakamoto Rumors

Bitcoin slipped to $107,564 on Friday, triggering unease across crypto markets after an enormous batch of long-dormant BTC began moving for the first time in 14 years.

The reactivation of wallets holding 80,000 BTC, worth over $8.6 billion, raised fresh speculation about the identity of the sender—with some in the crypto community even linking the activity to Bitcoin’s pseudonymous creator, Satoshi Nakamoto.

BTC Price Shaken by Sudden Onchain Whale Activity

Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD dipped 1.6% on the day, falling under the $108,000 level amid a quiet U.S. trading session due to the Independence Day holiday.

The abrupt price movement came as monitoring platform Lookonchain confirmed the transfer of funds across eight separate wallets, all tied to a single whale entity. These wallets had remained untouched since 2010.

“The transfers were ongoing at the time of writing, with markets clearly nervous of the implications of such old coins suddenly moving onchain,” analysts noted.

Traders feared that such large movements—especially of pre-2010 BTC—might indicate a potential sell-off, which could weigh heavily on the market.

Satoshi Speculation and Volatile Market Reaction

Well-known crypto figure CryptoBeast posted that the sudden activity could be tied to Satoshi Nakamoto, although no verifiable evidence supports this claim.

Meanwhile, X trading account TheKingfisher pointed to a surge in “toxic” order flow, where market makers typically suffer losses. This behavior is often associated with panic trades or liquidation events.

“I’d expect it to retrace, maybe liquidate those high-leverage shorts,” TheKingfisher posted, referring to the growing stack of short positions above $110,000.

Key Support Threatened as BTC Faces Technical Breakdown

Technical analysts also turned cautious. Popular trader Rekt Capital warned that Bitcoin was losing a long-standing diagonal trendline that had underpinned its bull run since reaching its all-time high of $112,000.

“If price daily closes above the diagonal then this will have ended as a downside wick,” Rekt Capital added. “But the upcoming close is pivotal.”

Earlier in the week, several analysts had identified $108,000 as the critical level that Bitcoin bulls must defend to maintain upward momentum.

A Turning Point for Bitcoin Amid Rising Tensions

The sudden reawakening of ancient Bitcoin wallets adds yet another twist to the volatile crypto landscape. Whether the whale behind the 80,000 BTC intends to sell, move funds for security, or something else entirely remains unknown.

But one thing is clear: the narrative of old coins moving—especially ones dating back to Bitcoin’s infancy—continues to stir both markets and emotions.