- Bitcoin dropped to ~$107,600 after touching $110,000 amid renewed whale activity.
- Seven long-dormant wallets dating back to 2011 moved 70,000 BTC, sparking fears of sell pressure.
- CryptoQuant data shows whale accumulation has reversed after a six-month uptrend.
- A retest of the $105,000 support zone is possible if more coins re-enter circulation.
Bitcoin Faces Independence Day Turbulence: Whale Movements Trigger Market Anxiety
Bitcoin’s Fourth of July celebration was marked by unexpected volatility. After briefly climbing above $110,000, the price retreated to around $107,600 as on-chain data revealed sudden movements from long-inactive wallets. These market jitters coincide with weakening whale accumulation metrics, adding bearish weight to the short-term outlook.
Whale Accumulation Turns Negative for the First Time in Six Months
According to on-chain analytics platform CryptoQuant whale accumulation has reversed. From January to June, whales steadily grew their holdings from 3.28 million BTC to a peak of 3.55 million BTC. This accumulation supported Bitcoin’s bullish performance in Q1 and Q2.
However, July marked a turning point. The 30-day percentage change in whale holdings turned negative, indicating a possible start of a distribution phase where large holders begin selling or reallocating capital. Historically, such reversals have preceded Bitcoin price corrections, as long-term and institutional players reduce exposure or prepare for liquidity events.
Dormant Bitcoin Whales Move $7.6 Billion Worth of BTC
Adding to market concerns, blockchain data revealed that seven dormant Bitcoin wallets—inactive since April and May 2011—moved a staggering 70,000 BTC, valued at over $7.6 billion. These wallets received Bitcoin when the price was below $4, making them among the earliest adopters.
Movements from such early wallets are rare and often interpreted as a precursor to potential selling. If further dormant coins are activated, it could increase near-term selling pressure.
What’s Next for Bitcoin Price?
With whale accumulation weakening and long-dormant whales stirring, Bitcoin faces the risk of a retest of key support zones. Analysts will closely watch the $105,000 area, which could serve as a short-term floor if sell pressure intensifies.
For traders and investors, monitoring whale activity and on-chain metrics like exchange inflows, dormant wallet movements, and accumulation trends will be critical in the coming weeks.
