After a strong start to the year, Bitcoin’s rally is showing cracks as old wallets begin to wake up.
Key Takeaways
Dormant wallets awaken — old whales are spending more than 1,000 BTC per hour in 2025.
Massive whale transfer — 3,600 BTC moved, with a portion landing on Kraken.
Bearish chart setup — BTC risks another 10–12% correction if key support fails.
Data across 2025 reveals that long-term holders have been moving or selling thousands of coins, reviving concerns that the market could be heading for another sharp pullback.
On-chain data shared by Charles Edwards of Capriole Investments paints a vivid picture: dormant wallets, some untouched for nearly a decade, are suddenly active again. These addresses have been offloading over 1,000 BTC per hour, with transaction bursts exceeding $100 million to $500 million. Edwards described the activity as “one of the most intense periods of old-coins distribution in Bitcoin’s history.”
Bitcoin now trades roughly 19% below its October peak of $126,000, and traders are divided over what’s driving the weakness. Some view it as routine cooling after a record-breaking run, while others see signs of a structural unwind fueled by early holders taking profits.
One notable case came when a whale, identified by Lookonchain as “Owen Gunden,” moved 3,600 BTC (around $372 million) — including a 500 BTC transfer to Kraken — sparking speculation of a direct sell-off. Yet not everyone is convinced this wave of movements is purely bearish. Analyst Willy Woo argues that some of these transactions may reflect custody migrations, Taproot upgrades, or preparations for institutional storage rather than actual selling.
Technically, however, the charts don’t inspire confidence. Analysts note Bitcoin is forming a bear pennant, a setup that often precedes another drop. A break below $100,650 could trigger a slide toward $89,000–$90,000, unless the price manages to stay above the 50-week EMA near $101,000.
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Source: https://coindoo.com/whale-activity-returns-old-coins-move-as-bitcoin-tests-key-support/