Crypto analyst makes shocking claim about Bitcoin's activity

Crypto analyst makes shocking claim about Bitcoin's activity originally appeared on TheStreet.

Long-dormant “OG” Bitcoin wallets from the early 2010s are suddenly springing to life, unloading massive sums of BTC onto exchanges.

The timing and scale of these moves, says John Divine of BlockFills, likely aren’t coincidental — he believes they’re deliberate stress tests of the market’s liquidity depth.

Coins from wallets dating back to 2010 and 2011 — collectively holding hundreds of thousands of Bitcoin — have been spotted moving to exchanges and OTC desks. “That coin is being sold in the spot market,” Divine said, noting that the sellers are likely not casual holders. “I have a hunch that there are some sophisticated players here that are really just testing liquidity.”

If that’s the case, the market appears to be holding up better than expected. “Last week we saw a lot of size spot get sold,” Divine explained. “Bitcoin went down to right around $115,000, not much of a move from $120,00 based on the selling pressure.” To him, that resilience signals a maturing market.

With Bitcoin’s market cap hovering near $2 trillion, the ability to absorb large block sales without sharp price swings marks a critical milestone. For years, thin liquidity and extreme volatility raised doubts over whether BTC could ever operate as a stable, institutional-grade asset. These stress tests suggest it’s getting closer.

Rather than sparking panic, the reactivation of these old wallets seems to be affirming market strength. “I think what that says to me is liquidity is building in this asset class,” Divine said. “The market is finally ready to take that next maturation leg.”

Bitcoin (BTC) is trading at $119,230, down 0.79% over the past 24 hours but still up 4.23% over the last week, holding above the $118,000 support after rebounding from a seven-day low of $112,867.

The world’s largest cryptocurrency has a market cap of $2.37 trillion and a 24-hour trading volume of $44.77 billion, with price action remaining within a relatively tight range between $118,252 and $120,693 in the past day. Despite the slight pullback, BTC is only about 3% below its all-time high of $122,838 set on July 14, 2025, reflecting resilient buying interest amid broader market stability.

Crypto analyst makes shocking claim about Bitcoin's activity first appeared on TheStreet on Aug 12, 2025

This story was originally reported by TheStreet on Aug 12, 2025, where it first appeared.

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