Why Bitcoin Could Crash or Rally Big After These Whale Transfers

On July 31, something rare and unsettling happened in the Bitcoin price. Five miner wallets from April 2010, untouched for more than 15 years, suddenly moved 250 BTC — now worth nearly 30 million dollars — to two new addresses. These wallets were created during Bitcoin’s earliest days, when mining was done on basic CPUs and few people imagined it would become a trillion-dollar asset.

Their sudden reactivation adds fuel to an already intense few weeks of on-chain activity, including billion-dollar transfers by Satoshi-era whales and aggressive institutional movements. When the oldest coins start moving, markets pay attention. The question now is whether this marks the start of deeper selling — or the final shakeout before Bitcoin’s next big move.

Bitcoin OGs Are Waking Up: What Comes Next?

Date: 31 July 2025

Something serious is brewing on the Bitcoin network, and the signals are too loud to ignore. On July 31, five miner wallets from April 2010 — each untouched for over 15 years — suddenly moved a combined 250 BTC, worth nearly 30 million dollars, to two new addresses. These are not your everyday whale transfers. These are coins mined when Bitcoin was just a hobby for a few dozen cryptography enthusiasts, back when it was trading under 10 cents.

That alone would be noteworthy. But this is only the latest move in a month filled with major redistributions by long-term holders. As ancient coins wake up and massive whales reposition, the question becomes urgent: are we on the edge of a long-awaited sell-off, or is this the beginning of a deeper consolidation phase before another rally?

July 15 to 18: The $9.54 Billion Sell-Off Begins

This all started mid-July, when a Satoshi-era whale — one of Bitcoin’s oldest holders — began moving funds that had not budged in over 14 years. On July 17, 40,192 BTC was transferred to a fresh wallet. Just two days earlier, 40,009 BTC had already been sent to Galaxy Digital. Combined, that’s 80,202 BTC, worth more than 9.5 billion dollars at the time of the transfer.

By July 18, the final batch of 40,192 BTC landed in Galaxy Digital’s hands. These transfers coincided with a Bitcoin price around 118,000 dollars. What followed was predictable. As Galaxy Digital began offloading, the market reacted quickly. Within 12 hours of the first 40,000 BTC move, Bitcoin’s price slipped from 117,685 to 115,967.

July 25: Exchange Deposits Confirm Sell Pressure

On July 25, Galaxy Digital deposited 11,910 BTC — valued at 1.39 billion dollars — to multiple exchanges. These coins were likely part of the stash acquired from the Satoshi-era whale. Just ten days earlier, Galaxy had already sent 2,000 BTC to Bybit and Binance.

This activity signals an intent to sell or at least prepare liquidity for institutional trading. While not all transfers to exchanges result in sales, they usually precede them. The 2 percent price drop that followed these deposits reinforced that assumption.

July 29: Accumulation Begins to Counterbalance

While distribution continued from Galaxy and other OG wallets, a new player stepped in. On July 29, blockchain analysts spotted large-scale accumulation activity. Over four days, a single Bitcoin whale withdrew 3,500 BTC — worth about 409 million dollars — from Gemini, with the most recent withdrawal of 317 BTC occurring just six hours before the dormant 2010 wallets reactivated.

This accumulation came at an average price of 116,950 dollars. These are not retail-sized transactions. This is deep-pocket capital positioning for a longer-term play, likely betting that the sell pressure is temporary and that the market is absorbing the distribution cleanly.

July 31: The 2010 Miner Wallets Reawaken

Now back to today’s catalyst. The movement of 250 BTC from five miner wallets last used in April 2010 raises several flags. First, coins from this era are often believed to be lost forever. Their sudden reactivation adds to the wave of old supply reentering circulation.

These wallets earned 50 BTC each through early mining, when blocks rewarded far more and competition was nearly nonexistent. Whoever held onto these for over 15 years has seen that stack grow from under five dollars to nearly 30 million dollars. The move may suggest strategic portfolio diversification or pre-sale reorganization, especially following Galaxy Digital’s lead.

What Does This Mean for Bitcoin Price?

The convergence of these moves tells us this is not random activity. When coins dormant for over a decade begin moving alongside billion-dollar institutional transfers, it typically marks a transition in market structure.

Here are two possible outcomes:

Scenario One: Short-Term Correction

If the Galaxy-driven selling continues and more OG wallets move coins to exchanges, we may see another leg down. The Bitcoin price has already slipped from highs near 119,000 to the 116,000 range. If this continues without strong absorption, Bitcoin could test support around 112,000 or even dip below 110,000 temporarily.

Scenario Two: Supply Absorption and Rally Resumption

If the new accumulation trend observed on July 29 accelerates and exchange balances start falling, it could mean the market is soaking up old supply effectively. In that case, this redistribution could be a healthy reset, setting the stage for a move back to 122,000 or higher within weeks.

The $116,000 to $118,000 range has now become a critical pivot zone. If it holds, confidence may return quickly. If it breaks down with volume, expect more aggressive volatility.

Conclusion: When the Old Guard Moves, Markets React

In just two weeks, over 90,000 BTC from early holders have re-entered the market. That includes the Satoshi-era whale, Galaxy Digital’s massive transactions, and now the revival of 2010 miner wallets. This is not a coincidence. This is the reshaping of Bitcoin’s holder base.

Smart traders and analysts will keep an eye on on-chain flows over the next 72 hours. If more ancient coins begin to stir, or if exchange balances spike, further downside is likely. But if cold wallet accumulation rises and inflows slow, the worst may already be behind us.

Whatever direction the price takes, one thing is certain — the old money in Bitcoin just made its move. Now it’s time to see who takes the other side.

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