A cluster of long-inactive Bitcoin returned to circulation on Wednesday, raising new questions about selling pressure as prices fall from recent highs.
Related reading
Sleeping coins stir after years
According to CryptoQuant analyst JA Maartun, exactly 15,965 BTC that had been dormant for about three years were shifted earlier today. The coins moved as Bitcoin traded below $110,000, and at around $108,000 per coin the batch is worth around $1.724 billion.
CryptoQuant’s on-chain data shows that these addresses had little to no activity since late 2022 and early 2023, and the funds were being sent to undisclosed destinations.
Market watchers pointed out the timing. Old coins waking up during a pullback could indicate profit taking, or simply internal realignments between private accounts and trading platforms.
Reports have suggested that such moves sometimes reflect tax planning, changes in share custody, or position adjustments by large holders – but the exact motive is not public here.
15,965 BTC aged 2 to 3 years just moved on-chain ⏱️
This cohort has been inactive since late 2022-2023, until now. pic.twitter.com/vw2z0fjHvv
— Maartunn (@JA_Maartun) October 22, 2025
New whales underwater
Data from market trackers points to pressure on newer big investors who bought near recent highs. These so-called new whales cost an average of $113,000 per BTC, leaving many positions underwater while prices trade below that level. According to the same data sets, unrealized losses associated with these wallets are approaching $7 billion.
At the same time, accumulation by other major wallets continues. Analysts reported that around 26,500 BTC have flowed into accumulation addresses in recent days, a sign that some major players are quietly adding during the dip.
This mix of selling and buying creates a tug-of-war in the price action. The short-term dynamics are fragile. Support around $107,000-$108,000 is a level traders are watching closely. If that zone holds, a bounce is possible; if it fails, more downside toward $100,000 could follow.
Price targets spark debate
The big moves have intensified the debate over how high Bitcoin could go next. According to public comments, Galaxy Digital’s CEO said reaching $250,000 by the end of the year would take “a lot of effort.” crazy things.”
Other market figures hold more bullish targets in play: Fundstrat’s Tom Lee and BitMEX’s Arthur Hayes each expressed their conviction on the $200,000-$250,000 outcomes, pointing to potential policy changes and inflows as driving forces.
Institutional figures are part of the background. Galaxy Digital reported a record quarter with $29 billion in revenue, a figure that supporters cite as evidence of growing institutional involvement in the market. That growth is one reason some investors remain confident even as the short-term charts wobble.
Related reading
The open interest falls, the risk decreases
Meanwhile, on-chain analytics provider Glassnode shows that open interest has fallen by about 30%, easing some of the excess speculative pressure that can amplify moves.
Lower open interest often cools violent swings and makes price trends easier to read, at least until new catalysts arrive.
Featured image from Pexels, chart from TradingView