A large, dormant Bitcoin wallet moved a huge amount of coins to an exchange on Thursday, sending traders into an uproar and reigniting the debate over the place of the major holders.
Related reading
According to on-chain data, a Satoshi-era wallet that hadn’t moved money in 13 years transferred about 12,000 BTC — about $1.4 billion at current prices — in a series of transactions that ended up on an exchange ledger.
Whale movements move markets
Reports have indicated that the transfers took place Bitcoin hovered near an important price range. The currency fell about 2% after the activity, a quick reaction as traders suspected the money would be put up for sale.
🚨BREAK
SATOSHI ERA WHALE JUST SOLD 12,000 $BTC AFTER 13 YEARS OF HODLING.
IT MADE A HUGE $1.4 BILLION – ONE OF THE CHAIN’S MOST PROFITABLE SALES EVER.
HUGE CRYPTO SELL-OFF INCOMING? pic.twitter.com/NvCo9mamzT
— 0xNobler (@CryptoNobler) November 13, 2025
Some market watchers warned that if larger sell orders hit the exchanges, positions using borrowed money could be forced to close, sharpening price movements.
Others said the mood in the market was nervous rather than panicky; large transfers often cause anxiety, even if there is no immediate sale.
Technical pressure around resistance
Prominent analyst Ted noted that Bitcoin is facing strong resistance approximately $104,000 – $105,000. According to him, holding above $105,000 could encourage renewed buying and push prices towards $107,000.
Failing that, he warned that the next clear support will be near $100,000. Traders will be watching the order books and exchange flows closely in the coming sessions to see if the transferred coins are converted into fiat or simply shifted between wallets.
Long-term holders take profits
Based on reports from Chris Kuiper, CFA, the broader selling pressure appears to be driven more by long-term holders than panicky sellers.
Kuiper pointed to the Bitcoin share that has remained inactive for a year or more. This measure typically rises in slow markets and falls sharply during fast rallies.
This time the decline has been gradual. The pattern suggests steady profit-taking over time, rather than a sudden exodus.
“Who sells?”
is the number one question I get about #bitcoin‘s continued price pressure against a backdrop of visible purchasing (by ETPs, corporates, etc.)
I’m not the only one suggesting it’s the long-term holders (or HODLers).
But one data point that gives… pic.twitter.com/9PVoolrtwm
— Chris Kuiper, CFA (@ChrisJKuiper) November 12, 2025
Market observers say gradual selling fits a maturing market where older investors are locking in gains without trying to time a perfect top.
While previous cycles saw abrupt moves from large dormant portfolios, the current trend looks more measured. That doesn’t rule out short-term volatility, but it does change the way traders interpret large transfers.
Related reading
For now, the market’s next moves will likely be determined by a mix of flows within the chain and how the price behaves around the $104,000-$105,000 range.
Short-term traders will respond to data exchanges. Long-term investors can keep an eye on the inactive supply metric and adjust their plans more slowly.
The transfer of 12,000 BTC is a large piece of information. How traders react to this will determine whether this becomes headline news or just another moment in Bitcoin’s long rise.
Featured image from Unsplash, chart from TradingView