5 wallets from the Satoshi Nakamoto era awakened after 15.3 years of dormancy, transferring 250 BTC causing panic.

The Bitcoin market has recently been stirred by the movements of the "ancient whale." According to OnchainLens monitoring, 5 wallet addresses from the Satoshi era (possibly belonging to the same person) have aggregated 250 BTC worth 29.64 million USD to 2 new addresses after being dormant for 15.3 years. This action immediately triggered panic in the market, raising concerns about whether it signals the arrival of a large-scale dumping. However, analysts interpret this event from different perspectives, suggesting that it may not be a traditional bearish signal.

Ancient Whale Awakens: Movements After 15.3 Years of Slumber

These 5 Wallet Addresses have been in a dormant state since the early days of Bitcoin's genesis, and the 250 BTC they hold has appreciated hundreds of thousands of times. This transfer consolidates these long-sleeping assets into new addresses, naturally sparking market speculation about their next move.

Analyst Perspective: Rational Interpretation Behind Panic

Although the market generally feels panic about the movements of "dormant whales", analysts from CEX exchanges hold a different opinion. They stated: "The movement of dormant whales does not always precede significant market adjustments," and added: "While these whale movements are eye-catching, they should not overshadow the constructive momentum the crypto industry has gained in terms of regulation."

Analysts believe that the long-term Whale "re-engaging with the network" may signal a broader shift, namely "preparing for the next institutional cycle," rather than a bearish turning point.

Can the market absorb the whale dumping?

Despite concerns of a larger scale pullback, some industry observers have stated that even a $9.6 billion Bitcoin sell-off could potentially be fully absorbed by the cryptocurrency market.

Onchain analyst EmberCN stated on X that there are still about 12,000 BTC (approximately 1.38 billion USD) for sale. He added that this "Whale" might sell these assets through a combination of over-the-counter (OTC) transactions and the secondary market: "This means that the [80,000 BTC ancient whale] may still have about 12,000 BTC (1.38 billion USD) unsold, and under the current market liquidity conditions, absorbing the remaining coins should not have a significant impact."

Is the Bitcoin cycle theory failing? Institutions are reshaping the market

Some industry observers believe that these measures reflect a deeper transformation in the structure of the cryptocurrency market. Ki Young Ju, founder and CEO of the blockchain analysis platform CryptoQuant, stated that the recent whale transfers indicate that "the Bitcoin cycle theory has failed."

Ju stated in Friday's X post: "In the last cycle, whales sold to retail investors. This time, the old whales are selling stocks to new long-term whales." He believes: "The scale adopted by institutions is larger than we imagined. The trading feels meaningless. The number of holders has now exceeded the number of traders."

Other cryptocurrency analysts also pointed out that the launch of Bitcoin exchange-traded funds in the United States and the growing institutional investment will disrupt the traditional four-year Bitcoin cycle theory.

Conclusion:

The movement of 5 Satoshi Nakamoto era Wallets has once again shifted the focus of the Bitcoin market towards Whale behavior. Although this may trigger panic in the short term, many analysts believe that it could reflect a deep structural change in the market, where institutional investors are actively taking over, preparing for the next bull market cycle. This also suggests that the traditional Bitcoin cycle theory may be failing, and the market is entering a new phase dominated by institutions.