Dormant 2011 BTC Wallet Dey Sell 60K, E Dey Fuel Market Sell Fears
One Bitcoin wallet wey don siddon for long since 2011 start to move money again for beginning of July, dem carry as e be like 60,009 BTC (about $7.1 billion). For July 4, dem transfer 20,000 BTC, plus for July 14, dem move another 40,009 BTC, everything go through Galaxy Digital’s OTC desk. Lookonchain data show say Galaxy sharply send 6,000 BTC go Binance and Bybit to get better spot liquidity. Bitcoin drop over 6% from im top $123,000 go near $115,700 before e balance for around $117,500, e make people fear say 2024 Mt. Gox sell-off go happen again but this time e dey under control. With 40,000 BTC still dey hold with Galaxy, traders dey warn say more exchange order-book sales fit happen wey fit test bids for $112,000–$115,000. The mixed US June CPI data plus strong dollar add more shaky shakiness. Strong institutional and OTC demand fit help reduce some selling, but di remaining BTC still dey give short-term bearish risk for market stability.
Bearish
Di re-aktivashun of wallet wey don slack since 2011 wey dey move 60K BTC—and di chance say dem fit sell more for exchange—dey add plenty selling pressure. Even though Galaxy Digital dem dey manage OTC distribution well to reduce slippage, traders mind dey bearish because 40K BTC still dey remain. Di mix-economi data and strong dollar dey increase volatility, so short-term down trend dey likely. For long term, institutional and OTC demand fit swallow di supply, but immediate price action go still dey under pressure.