A long-dormant Bitcoin wallet dating back to 2012 has resumed activity after more than 14 years, drawing attention during a period of weakening market demand. On-chain data shows the address holds 2,100 BTC valued at approximately $148 million. The wallet executed a small transaction of about $55, marking its first activity since receiving the funds when Bitcoin traded near $6.6. At that time, the total value of the holdings was roughly $14,000.
The reactivation comes as early Bitcoin holders increase selling activity. Blockchain data indicates that over 1,650 BTC, worth more than $117 million, was recently offloaded by long-term holders. These transactions followed a shift in market sentiment after the Federal Reserve signaled a slower pace of rate cuts, which contributed to a pullback in Bitcoin’s price from recent highs.
Bitcoin is currently trading near $70,000 after falling below $69,000 earlier in the week and recovering modestly. The asset had reached a local high near $76,000 before the decline. The rebound has provided short-term stability, but broader conditions continue to show limited demand strength.
Bitcoin On-Chain Metrics Show Profit-Taking Pressure
Recent on-chain indicators suggest that upward momentum has been met with consistent selling. The 24-hour moving average of net realized profit and loss rose to approximately $17 million per hour before price momentum weakened. This pattern has appeared across multiple attempts to move higher, indicating that profit-taking continues to absorb buying pressure at elevated levels.
Source: Glassnode
Transaction activity has also increased during price declines, reflecting repositioning among market participants. Higher coin movement typically signals adjustments in positioning rather than sustained accumulation. Combined with ongoing macro uncertainty, this has reduced the market’s ability to maintain upward trends.
Sentiment indicators reflect the same trend. The crypto Fear and Greed Index remains in the “fear” zone, showing that participants remain cautious despite recent attempts to stabilize price above key support levels.
BTC Derivatives Data Reflects Defensive Positioning
Options market data provides further insight into current positioning. At-the-money implied volatility has declined, with one-week contracts falling from 70% to 53%, while longer-term volatility has also decreased. This suggests reduced expectations for large short-term BTC price swings even as uncertainty remains in the broader market.
At the same time, the 25 delta skew has shifted back into the 15% to 20% range, indicating stronger demand for downside protection. The shift followed Bitcoin’s rejection near the $75,000 level and reflects increased caution among traders. Flow data shows that put options accounted for approximately 30.7% of activity, compared to about 10% for calls, confirming a preference for hedging against further declines.
Source: X
The put-to-call ratio also indicated limited momentum above $72,000, where options flows were dominated by protective positioning. As price pulled back, short-lived call buying appeared but did not alter the broader defensive stance.
Gamma Unwind Signals Reduced Support
Additional derivatives data shows a decline in gamma exposure near key levels. Short gamma around the $75,000 strike dropped from $3.9 billion to $2.4 billion within two days, representing a $1.5 billion reduction. This change indicates that positions were closed as price moved away from the strike, reducing the need for dealer hedging activity.
Source: Glassnode
Lower gamma exposure can lead to weaker support during price moves, as fewer hedging flows are present to stabilize volatility. This dynamic has coincided with Bitcoin’s recent pullback and reduced ability to sustain BTC upward momentum after failed breakout attempts.
Bitcoin has since returned to its previous trading range after failing to hold above $75,000. With demand conditions showing signs of exhaustion and derivatives positioning turning defensive, attention remains on support levels near current prices. If these levels weaken, the next area of interest is around $65,000.
Source: https://coinpaper.com/15607/satoshi-era-bitcoin-whale-awakens-as-btc-demand-stalls-dip-to-65-k-looming
