8,000 BTC Moved: Is the Market About to Take a Larry David Turn? 🤷‍♂️

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So, two wallets that haven’t moved in over six years each decided to transfer 4,000 BTC (that’s 8,000 BTC in total) into a Coinbase Prime-controlled custody wallet. The transaction, worth over $860 million at current prices, has everyone speculating if this is a sign of a market dump. I mean, who leaves 8,000 BTC just sitting there for six years? 🤔

8,000 BTC Transfer: What’s the Reason?

According to on-chain sleuth Mignolet, these wallets were initially linked to Xapo Bank but were likely transferred under Coinbase Prime after they bought Xapo’s institutional custody arm back in 2019. I guess Xapo just wanted to cash out and let Coinbase deal with the drama. 🙄

Given that there was internal activity on Coinbase Prime custody wallets before the movement, Mignolet concludes this wasn’t a retail sell-off or an ETF rebalance. No, it’s probably a large over-the-counter (OTC) acquisition, possibly by a corporate or ultra-high-net-worth individual. Like, you know, someone who has more money than they know what to do with. 🤑

“The transfer pattern differs significantly from ETF-related flows such as BlackRock’s,” Mignolet added. “I believe this move is not ETF-driven, but rather an indication of direct acquisition by a single entity.” So, it’s like someone just decided to buy a small country with Bitcoin. 🌍

Meanwhile, Glassnode data highlighted that over 80,000 BTC that had been untouched for five or more years moved last Friday, marking the third-largest revival of long-term dormant coins in history. That’s a lot of old coins waking up from their nap. 😴

Last Friday, over 80K $BTC last active 5+ years ago moved on-chain – a rare event. It marks the third-largest single-day revival of old BTC supply in history. The move occurred at a price of ~$108K, making the #BTC worth over $8.6B at the time.

— glassnode (@glassnode) July 8, 2025

Still, the market has barely flinched. According to CoinMarketCap data, BTC is priced at $108K, suggesting strong accumulation underneath. Like, everyone’s just waiting to see what happens next. 🕵️‍♂️

‘Lack of Follow-Through Strength’

According to a report by Bitfinex, Bitcoin traders are exhibiting “a lack of follow-through strength.” Hovering below its all-time high of $111,970, BTC has traded in a narrow band between $100,000 and $110,000 since late June. It’s like the market is just taking a breather. 🧘‍♂️

Bitfinex analysts describe the current market structure as a “delicate equilibrium,” with sellers exhausted but buyers waiting on the sidelines for a clearer macro catalyst to define the best crypto to buy. “The broader trend has stalled,” they noted, adding that the market is “waiting for a fresh catalyst to define the next leg of direction.” It’s like everyone’s just sitting around, waiting for something to happen. 🕒

On the other hand, the US Dollar Index (DXY) hit its weakest level in 21 years relative to its 200-day moving average. The DXY’s weakness is traditionally bullish for risk assets like BTC. Yet, this time, Bitcoin hasn’t reacted. It’s like Bitcoin is just shrugging its shoulders. 🤷‍♂️

Weak Dollar, Strong Bitcoin: A Time-Tested Correlation

“This chart highlights periods where the DXY trades below its 365-day moving average. Looking at historical data, it becomes clear that such periods have been highly favorable to BTC.” – By @Darkfost_Coc

— CryptoQuant.com (@cryptoquant_com) July 9, 2025

Darkfost, a well-known analyst, emphasized that this DXY dip historically correlates with early bull market phases for Bitcoin, adding:

“We are currently in a phase where the weakness of the DXY could fuel a new rise in BTC but the price didn’t react yet.” So, it’s like the market is just teasing us. 😏

Interestingly, Darkfost could be right as the supply of ERC-20-based stablecoins has reached a new all-time high of $121 billion, indicating fresh liquidity entering the crypto space, possibly for new purchases. It’s like the market is getting ready for a big party, but no one’s sure if they should bring the cake yet. 🎂

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2025-07-09 17:35