Bitcoin’s latest rally is facing renewed pressure after a prominent long-term holder moved hundreds of millions of dollars’ worth of the cryptocurrency back into circulation.
Whale Resumes Heavy Selling
Blockchain analytics firm Lookonchain reported that a wallet known for large-scale moves deposited 1,176 BTC, valued at roughly $136 million, into the Hyperliquid exchange on Sunday, sparking fresh selling activity. The same address had already liquidated nearly 36,000 BTC in late August, swapping close to $4 billion of Bitcoin for Ether.
Market watchers say the whale’s earlier pivot to Ethereum has yet to deliver a clear payoff. Although Ether has gained about 6% versus Bitcoin over the past month, the ETH/BTC ratio remains far below its historic highs, suggesting the trade is still under water if the holder were to reverse course today.
Price Stuck Below Resistance
Bitcoin briefly touched $116,182 over the weekend, its highest price since late August, but failed to hold above that level.
At around $115,500 as of press time, the coin is roughly 7% below its mid-August peak near $124,000. Analysts are watching whether $116,000 becomes a support level or a ceiling that triggers another pullback.
Dormant Wallets Awaken
Adding to market tension, other long-inactive wallets have stirred. A wallet holding 445 BTC that had been quiet for nearly 13 years recently has transferred funds, while another containing 480 BTC from 2012 moved coins to a new address earlier this month.
The reactivation of these early-era accounts suggests older supply is once again entering circulation, just as Bitcoin attempts to consolidate above key resistance.
Traders and institutional desks alike are monitoring whether this uptick in legacy coin movement signals profit-taking or a broader shift in long-term holder sentiment.
