Bitcoin Drops 1.42% Amid $8.6 Billion Transfer Concerns

Bitcoin (BTC) experienced a marginal decline over the past 24 hours, trading around $108,101 after dropping from an intraday high of $109,123. This downturn was influenced by persistent concerns about the US economy and a mysterious transfer of 80,000 BTC by a long-dormant Bitcoin wallet, which sparked speculation about a potential hack.

The transfer, worth approximately $8.6 billion, began moving in batches of 10,000 BTC early on Friday. By 11 AM Eastern Time, all the BTC had been moved to new addresses. Blockchain observers noted that the entity behind the transfers received the Bitcoin in 2011 as “coinbase” transactions, indicating that the funds were mined early in the network's history. This transfer was the largest movement of BTC aged ten years or more, surpassing the previous record of 3,700 BTC. The entity that made the transactions on Friday held over 200,000 BTC at one point, with a fortune of $21.5 billion, ranking it among the top five largest Bitcoin holders in history. According to the director of Coinbase, the Bitcoin wallet likely belonged to an “OG miner,” who began mining very early on, likely when the network was in its infancy.

There is a small chance that the staggering transfer of $8.6 billion worth of Bitcoin could be a hack. If true, it could be the largest heist in history. The head of product at Coinbase flagged a suspicious Bitcoin Cash (BCH) transaction made before the Bitcoin transfer, suggesting that the wallet owner might have been quietly testing the wallet key, as Bitcoin Cash transactions attracted little attention. The entity that made the transactions on Friday held over 200,000 BTC at one point, with a fortune of $21.5 billion, ranking it among the top five largest Bitcoin holders in history. According to the director of Coinbase, the Bitcoin wallet likely belonged to an “OG miner,” who began mining very early on, likely when the network was in its infancy.

Bitcoin (BTC) registered a sharp decline on Friday, losing momentum after failing to close above $110,000. The flagship cryptocurrency posted an impressive rally on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. It continued pushing higher on Thursday, reaching an intraday high of $110,583 before marginally declining to settle at $109,650. Sellers overwhelmed buyers on Friday, and the price dropped to $108,097. Despite geopolitical tensions, market uncertainty, a massive spending bill, and a mysterious whale transfer, Bitcoin charts remain bullish. According to analysts, short-term traders are locking in their profits after BTC’s latest rally, creating a “sell the news” dynamic. The price faces resistance around $110,650, a level it failed to clear this week. A break above this level could take BTC beyond $112,000 to a new all-time high. Prices have also been impacted by the recent US nonfarm payrolls jobs data. The US economy added 147,000 jobs in June, while the unemployment rate dropped to 4.2%. The data was substantially better than the expected addition of 100,000 jobs in June, and contrasted with the ADP report, which indicated a loss of over 33,000 private sector jobs. The unemployment rate was also lower than the predictions that projected an increase to 4.3%.

BTC ended the previous weekend in the red, dropping below $100,000 to a low of $98,385 on Sunday. The price rebounded to reclaim $100,000 and end the weekend at $100,985. BTC rallied on Monday, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66% to cross the 20 and 50-day SMAs and $106,000, settling at 106,137. BTC reclaimed $107,000 on Wednesday, rising 1.19% and settling at $107,397. Despite the positive sentiment, the price fell 0.39% on Thursday, slipping below $107,000 and settling at $106,980. It recovered over the weekend, registering marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Bullish sentiment intensified on Sunday as BTC rose almost 1% to reclaim $108,000 and settle at $108,350. However, it lost momentum on Monday, dropping 1.09% and settling at $107,167. Sellers retained control on Tuesday as the price fell 1.33%, slipping below $106,000 and settling at $105,742. BTC recovered on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. The price continued rising Thursday, reaching an intraday high of $110,583 before settling at $109,650. Sellers overwhelmed buyers on Friday as the flagship cryptocurrency fell 1.42% to $108,097. The current session sees BTC marginally down as buyers and sellers struggle to establish control.