A large amount of long-dormant Bitcoin has just moved for the first time in years, triggering speculation about a potential market impact.
CryptoQuant analyst Dan disclosed this in a commentary today, citing the Bitcoin Spent Output Age Bands metric. Data confirms that the whales transferred around 14,000 BTC, worth over $1.3 billion, after remaining inactive for 7 to 10 years.
This kind of movement often triggers reactions from market participants. However, Dan stressed that the fact that whales did not immediately deposit the coins on exchanges suggests they do not mean to immediately sell them off.
14,000 Bitcoins Moved After 7–10 Years of Inactivity
“Despite the large volume, these coins have not been transferred to any exchanges, suggesting that they are not intended for immediate sale.” – By @DanCoinInvestor
Full post 👇https://t.co/cnOYI9gTl4 pic.twitter.com/1YnUICxgES
— CryptoQuant.com (@cryptoquant_com) February 10, 2025
He pointed out that historically, when large amounts of old Bitcoin move, the event does not always result in a price drop. However, since these coins were acquired at a much lower price, the holders may be considering their options by either selling at a massive profit or repositioning their holdings.
One possibility is that these coins belong to early adopters or long-term investors who are now making strategic adjustments. Another scenario is that they are part of internal wallet reorganizations by an institution or large entity, especially as they have yet to move to exchanges.
Bitcoin Sees Largest Exchange Outflows Since 2022
At the same time, Bitcoin has seen one of its largest exchange outflows in recent years. Analyst Papi revealed on CryptoQuant that over the last week, more BTC left exchanges than at any point since 2022. This resulted in a 3% drop in Bitcoin’s available supply on trading platforms.
Bitcoin Exchange Netflow | CryptoQuant
The last time such large withdrawals occurred was shortly after the FTX implosion. Typically, when Bitcoin exits exchanges in large amounts, it signals accumulation rather than selling.
Some analysts suggest that big investors, including institutions, are taking advantage of price dips to increase their holdings. Caueconomy, another analyst, highlighted this trend, noting that more than 47,000 BTC had left exchanges, but this could reflect internal movements by trading platforms.
He suggested that the massive exchange outflows could also suggest that major whales are pulling Bitcoin into long-term storage. However, Caueconomy stressed that the market would only feel the possible “supply shock” would in the long term.
MicroStrategy Continues Its Bitcoin Buying Spree
Adding to the institutional accumulation trend, MicroStrategy has again expanded its Bitcoin holdings. The company recently acquired 7,633 BTC for $742.4 million, bringing its total holdings to 478,740 BTC. Over time, MicroStrategy has spent $31.1 billion on its Bitcoin strategy.
$MSTR has acquired 7,633 BTC for ~$742.4 million at ~$97,255 per bitcoin and has achieved BTC Yield of 4.1% YTD 2025. As of 2/09/2025, @Strategy holds 478,740 $BTC acquired for ~$31.1 billion at ~$65,033 per bitcoin. https://t.co/rIftxRX2Zr
— Michael Saylor⚡️ (@saylor) February 10, 2025
This development shows that despite market uncertainty, institutional demand for Bitcoin remains strong. The firm’s recent purchase follows a halt on its weekly Bitcoin buys last week.
Bitcoin Holds Above $97K Amid Market Uncertainty
Despite these major movements, Bitcoin’s price has remained relatively stable. Currently, BTC is trading at $97,470 after gaining 1% on the day. However, broader market uncertainty, including potential economic impacts from proposed U.S. tariffs on steel and aluminum, continues to influence sentiment.
Notably, analysts have identified key levels to watch. Rekt Capital highlighted that Bitcoin’s series of higher lows is still intact. He stressed that for Bitcoin to maintain its bullish structure, it must stay above $96,500 and reclaim $97,900.
#BTC
Bitcoin is holding this potential pattern, the series of Higher Lows remain intact
Downside wicks below the Higher Low are permitted but price needs to continue holding above ~$96500 on the Weekly and reclaim $97900 for intra-pattern continuation$BTC #Crypto #Bitcoin https://t.co/Oaw3O4iFCw pic.twitter.com/bCBDSr9Tw2
— Rekt Capital (@rektcapital) February 10, 2025
Meanwhile, Carl Moon pointed out a falling wedge pattern forming on the 4-hour chart. If Bitcoin breaks out of this pattern, the next target could be $106,500. For context, this structure has been developing since Bitcoin’s drop from its recent high of $106,000.
Bitcoin Falling Wedge | Carl Moon
