With the BTC price attempting new highs this July, multiple dormant whales and wallets have turned active. Just today, a 12-year-old dormant Bitcoin wallet resurfaced in the market and made a bold move, sending $15 million worth of tokens to a prominent exchange. Notably, this is happening just a day before the FOMC meeting, which could bring extreme volatility in the crypto market.
12-Year-old Bitcoin Wallet Moved $79M, $15M to Kraken
In July alone, multiple Satoshi-era Bitcoin whales resurfaced as the market nears its peak. One such is this 12-year-old Bitcoin wallet, containing 342 BTC, which got active today, worrying investors about its intentions.
In an X post, the Lookonchain, an analytics platform, revealed that the wallet has nearly $40 million worth of tokens and has moved them to different wallets, including Kraken’s. According to the post, the account has deposited 130.77 BTC ($15.35 million) directly to the Kraken exchange, which it received back in 2013.
Notably, at the time, the Bitcoin price was just $86, making a 1,368x return for the holders.
Source: Lookonchain, Bitcoin Wallet Activity
Interestingly, this is a testament to the BTC’s growth over the years. However, the recent Galaxy Digital’s 80,000 Bitcoin sell-off and similar events have generated fear in the market.
Why Did This Dormant Bitcoin Wallet Return Now?
The $15 million transaction to Kraken hints at the potential intention to sell, as Bitcoin nears its prime. Many similar Bitcoin whales have done the same in recent times, so that could be the reason behind the return: profit-taking.
CryptoQuant analysts have noted that the long-term BTC holders have begun turning negative as the token is approaching critical resistance of $120,000. This means that the investors are attempting profit-taking, as $1.2 billion in tokens were deposited on Binance in the last 30 days alone.
This Bitcoin wallet is also on the same trajectory, sending tokens to exchanges.
Source: CryptoQuant, THL Net Position Change
Although these activities are evident in the market, some accounts are continuously accumulating BTC, including institutional buyers. Experts call it a holder rotation, where whales are reducing their holdings, while institutions are stepping in.
So what changed?
The buyers.
Bitcoin just completed a historic holder rotation—old whales are exiting, and institutions are stepping in.
This is how every major asset transitions to a new price regime. pic.twitter.com/Bb4j3BDs43
— Swan (@Swan) July 28, 2025
Amid this chaos, the investors are only minimally impacted by the whale sell-off and moves, as it’s nothing new now. However, macroeconomic events like the upcoming FOMC meeting and others are putting a strain on the Bitcoin price.
What Does This Mean For Investors?
Bitcoin price is just hovering around the $118,000, and the $120,000 mark acts as the psychological resistance level. Analysts have mixed reactions on the further trajectory, where many suggest that a drop below the $115,000 support could bring a serious crash.
Bitcoin is already struggling today due to macroeconomic events and $46 million in liquidation today. The reactivation of a 12-year-old Bitcoin wallet may add additional complexity to the market’s performance.
The FOMC, the White House’s crypto policy report, and others could also further influence the volatility, so investors must remain cautious of sudden trend shifts and further crashes.
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Pooja Khardia
Pooja Khardia is a seasoned crypto content writer with 6+ years of experience in writing, including in blockchain, cryptocurrency, DeFi, and digital finance reporting. In her adventure journey, she is currently working with CoinGape Media and leading their Trending Section.
Here, she uses her expertise to deliver analytics, market insights, price predictions, and information on what’s trending in the crypto space, aiming to keep the crypto and web3 community updated with market trends and important insights.
Known for a user-centric and straightforward writing style, Pooja is passionate about making crypto easy and accessible. Her writing blends market research with storytelling, helping readers stay ahead in a fast-paced industry.
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