Bitcoin Missed Key Breakout On “OG Whales” $8.6B Potential BTC Cashout

Bitcoin (BTC) has pulled back from its recent breakout zone amid speculation that early-era whales—possibly linked to the Satoshi Nakamoto era—are offloading their holdings.

The cryptocurrency’s upside momentum is also fading as US trade partners scramble to secure deals with the Trump administration before the looming July 9 tariff deadline.

Bitcoin May Return to $100,000 in Few Days

Bitcoin’s technical structure appears increasingly vulnerable as it tests the upper trendline of its prevailing bull flag pattern.

The rejection near $110,000 hints at a potential drop toward the flag’s lower boundary, just below the psychologically significant $100,000 mark, as highlighted in the chart. A breakdown below that level could expose BTC to deeper downside risks.

This pullback is coinciding with renewed global trade uncertainty. With a July 9 tariff deadline looming, President Donald Trump has vowed to begin issuing unilateral trade rates on dozens of US partners, pushing markets into a risk-off mode that may be dampening appetite for volatile assets like Bitcoin.

Satoshi-Era Whale Rumors Stir Uncertainty

Adding to the anxiety are Thursday’s massive Bitcoin transfers, totaling around $8.6 billion, from eight wallets dormant since 2011.

The movements—10,000 BTC each—sparked speculation that early adopters, possibly linked to Satoshi Nakamoto-era mining activity, may be preparing to sell.

Blockchain analytics firm Arkham has downplayed those fears.

“There are no indications that this whale is selling Bitcoin,” the firm said, suggesting instead that the activity likely stems from the wallet owner upgrading from legacy Bitcoin addresses to more modern Native SegWit formats, a move known for improved security and reduced transaction fees.

“Yesterday’s $8 billion transfers were possibly related to address upgrades, moving from 1-addresses to bc1q-addresses,” Arkham noted.

Still, 10x Research offered a more nuanced view. While they agree there’s no hard evidence of immediate selling pressure, they argue that long-term holders have likely been gradually distributing their coins to satisfy the surging demand from ETFs and corporate treasuries.

This slow bleed from “OG whales” may not spark a sudden crash, but could still suppress breakout attempts.