8,000 BTC Moved After 6 Years as Bitcoin Eyes $110K Breakout

• Dormant Bitcoin wallets signal volatility with a sudden 8,000 BTC transfer.
• BlackRock’s IBIT cements institutional dominance with 700,000 BTC holdings.

Two long-inactive Bitcoin wallets have suddenly moved 8,000 BTC, fueling speculation amid Bitcoin’s price surge. Recent data from CryptoQuant and Arkham, two Bitcoin wallets inactive for over six years, transferred a combined 8,000 BTC. 

The Bitcoin Spent Output Age Bands chart showed a sudden spike in the 5–7 year range. Each wallet moved exactly 4,000 BTC. One of the transactions was linked to Coinbase Prime’s “Custody Gas Supplies,” indicating institutional custody involvement.

Based on current prices, the total value of the transferred coins is estimated at $868 million. Analysts say movements from dormant wallets often precede heightened market activity. 

$1.7B in Short Positions at Risk as Bitcoin Eyes Breakout

Bitcoin is trading near $110,000, placing massive pressure on short sellers. CoinGlass’s BTC/USDT liquidation map shows leveraged short positions clustering just above the current price. Many traders used high leverage 10x, 25x, 50x, and 100x, raising the risk of a liquidation cascade.

A surge above current resistance could trigger a forced buyback of short positions, pushing prices higher. Analysts report that cumulative short leverage is increasing sharply. This points to a growing risk if Bitcoin breaks out, potentially leading to sudden and severe volatility.

BlackRock’s IBIT Crosses 700,000 BTC in Holdings

BlackRock’s iShares announced  Bitcoin Trust (IBIT) has now accumulated 700,307 BTC, worth roughly $76 billion. This milestone comes just 18 months after its January 2024 debut.

Apollo co-founder Thomas Fahrer confirmed the data, which K33 Research analyst Vetle Lunde supported. IBIT remains the largest U.S. spot Bitcoin ETF by assets under management. 

Bloomberg’s Eric Balchunas reported that BlackRock is now the third-highest revenue-generating ETF. Only $9 billion separates it from becoming BlackRock’s top-earning fund.  The ETF added 1,510 BTC on July 7 alone. Nate Geraci of NovaDius Wealth Management called the growth pace “ridiculous.”

The ETF’s rapid rise reflects strong institutional demand. With Bitcoin nearing its all-time high, the accumulation by major funds adds another layer of pressure to the market.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.