Glassnode Reveals Strengthening Buy-Side Dynamics as Satoshi-Era Bitcoin Wallet Moves $85M BTC ⋆ ZyCrypto

A Bitcoin wallet that bought BTC between December 2012 and April 2013 has moved 909.38 dormant coins. The transfer coincided with a massive dip in BTC price, despite Glassnode revealing that buy-side dynamics remain strong as the price enters a consolidation phase. 

At press time, BTC traded at $90,966, down 1.37% over the past 24 hours.

Bitcoin Whale Moves BTC After 13 Year Dormancy

According to data from Arkham Intelligence, the wallet “1A2hq…pZGZm” transferred over $85M in Bitcoin to another address on January 19. The coins had remained untouched since 2013 after the whale purchased them for between $13 and $250. 

The whale’s transfer comes a few weeks after reports that long-term holders had pumped the brakes on selling Bitcoin and had started to accumulate more coins. This trend mirrors the behavior of these large addresses, which tend to dump when prices are high and start buying when prices are low.

Glassnode Report Hints at Bitcoin Rebound

Amid the whale’s activity, a Glassnode report has revealed that Bitcoin is “showing early signs of improvement.” It noted that spot-market data show trading volumes have improved significantly and sell-side pressure has eased.

The report also mentioned a surge in inflows to spot Bitcoin ETFs. Data from SoSoValue shows that these products have recorded ten consecutive weeks of positive flows. This surge suggests that institutions are accumulating more coins. 

However, Glassnode notes that, even with strong ETF flows, caution is still needed. This is because ETF holders have become profitable, which may lead to increased selling activity.

“Overall, Bitcoin remains in consolidation, but internal conditions are improving. While defensive positioning persists, strengthening buy-side dynamics and renewed institutional interest suggest a gradual rebuild toward a more constructive market structure,” the report added. 

Nevertheless, despite the market leaning bullish, retail holder behavior suggests that some wallets are dumping and realizing losses. Per CryptoQuant’s head of research, Julio Moreno, the 30-day Bitcoin Realized Net Profit/Loss has turned negative for the first time since October 2023. 

The drop indicates that some traders are willing to sell their coins at a loss as Bitcoin’s price continues to decline. It also shows heightened fear in the market, with the Fear and Greed Index dropping to 32.