Key Notes
- 8,000 BTC from 6-year dormant wallets moved, likely via Coinbase Prime, not retail.
- Analysts suspect OTC demand, not ETF flows, triggered the sudden on-chain activity.
- Bitfinex warns of “lack of follow-through strength” as Bitcoin hovers near ATHs without breaking out.
Two wallets dormant for over six years each transferred 4,000 BTC (totaling 8,000 BTC) into a Coinbase Prime-controlled custody wallet. The transaction, worth over $860 million at current prices, set off speculations about a market dump as BTC BTC $108 323 24h volatility: 0.4% Market cap: $2.15 T Vol. 24h: $26.26 B hovers near all-time highs .
8,000 BTC Transfer: What’s the Reason?
According to on-chain sleuth Mignolet , the wallets were initially linked to Xapo Bank but were likely transferred under Coinbase Prime following its acquisition of Xapo’s institutional custody arm back in 2019.
Given that internal activity on Coinbase Prime custody wallets preceded the movement, Mignolet concludes this was not a retail sell-off or an exchange-traded fund (ETF) rebalance .
Instead, the transfer likely signals a large over-the-counter (OTC) acquisition, possibly by a corporate or ultra-high-net-worth individual.
“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.”
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.
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. pic.twitter.com/Gr8MGc4Wqu
— glassnode (@glassnode) July 8, 2025
Still, the market has barely flinched. According to CoinMarketCap data , BTC is priced at $108K, suggesting strong accumulation underneath.
‘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.
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.”
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.
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 pic.twitter.com/viwbcfNhdM
— 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.”
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.
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