Bitcoin OG Moves 20K BTC After 14 Years, Worth $2.19B

Key Points:

• Bitcoin OG moves $2.19B in BTC after 14 years, breaking all dormancy records in history.
• Over 104 million coin days destroyed in a single day, signaling rare long-term movement.
• Analysts say market hasn’t peaked yet, with cycle top potentially arriving by October 2025.

A Bitcoin whale has moved 20,000 BTC after more than 14 years of inactivity. The two transactions, each transferring 10,000 BTC, were recorded on July 4, 2025. According to CryptoQuant analyst Maartunn, this event is “never before witnessed in Bitcoin’s entire history.”

Notably, these coins were last moved on April 2, 2011, when the price of each transaction was just $7,793. Based on current market prices, the total transfer is now valued at approximately $2.19 billion.

Metrics React to Massive Movement

The movement of these long-dormant coins had a direct effect on Bitcoin on-chain metrics. The Long-Term Holder Spent Output Profit Ratio (SOPR) surged. This indicator measures the ratio between the selling price and the purchase price of coins held for an extended period.

In this case, the realized profit was substantial. “The holder realized profits at a 2,459:1 ratio,” Maartunn explained, turning about $15,500 into more than $2.19 billion.

Coin Days Destroyed (CDD) also spiked. This metric measures how long coins have been held before being moved. 

“First TX: 52,083,226 CDD. Second TX: 52,085,660 CDD,” Maartunn reported. 

Meanwhile, this brings the total to over 104 million coin days destroyed in a single day.

No Signs of Market Top Yet, Say Analysts

Despite the large transfer, Bitcoin market sentiment remains stable. On-chain data provider Stockmoney Lizards noted that the Net Unrealized Profit/Loss (NUPL) score is still in the green. NUPL reflects the unrealized gains held by current holders and acts as a broad indicator of market behavior.

The analyst wrote,

 “This isn’t peak behavior, we’re not even close.” 

They pointed out that current data does not resemble the overbought conditions seen during previous market tops in 2017 and 2021.

Timeframe for Bitcoin Rally May Be Narrowing

Some analysts are beginning to set expectations for the remainder of the current bull cycle. Crypto analyst Rekt Capital suggested that if Bitcoin follows the same pattern as 2020, the market may reach its peak by October 2025.

“That’s already two to three months potentially that we have left in this bull market,” said Rekt, pointing to the 550-day post-halving timeline that ended in a market peak in the previous cycle.

At the time of reporting, the Bitcoin price was trading at $108,839. As historical cycles and on-chain activity converge, attention remains on both price action and long-term holder behavior.