14-Year-Old Satoshi Wallets Shift 80,000 BTC Amid Hack Fears
On July 4, eight dormant Bitcoin wallets funded in 2011 moved 80,000 BTC (approx. $8.6 billion) to SegWit addresses after 14 years of dormancy. The shift—tracked by blockchain analytics firm Arkham Intelligence—saw each wallet transfer around 10,000 BTC to benefit from lower fees and improved efficiency. While no coins have been sold, the sudden on-chain activity triggered a 1.6% price drop to $107,564. Coinbase Head of Product Conor Grogan flagged a preceding Bitcoin Cash test transfer, warning of potential private key compromise and speculating the event could become the largest crypto heist ever. Social media buzzed with Satoshi Nakamoto theories, driving long liquidations and resistance near $110,000. Crypto analyst Rekt Capital noted Bitcoin flirting with a key trendline since its $112,000 peak, cautioning that a daily close below it could spark short-term volatility. Traders should monitor Bitcoin wallets, price trends, and on-chain metrics for further reactivations or sell-offs that might push Bitcoin below $100,000, though historical movements of dormant coins have rarely produced lasting price shifts.
Neutral
Although the 80,000 BTC movement to SegWit addresses triggered a sharp 1.6% price dip and stoked hack fears, no coins were sold and historical data shows that large dormant wallet transfers tend to cause only short-lived volatility. Traders are likely to see further on-chain fluctuations but sustained downward pressure on Bitcoin’s price is unlikely, resulting in a neutral long-term impact.