Bitcoin Dips as Lawmakers Prepare for 'Crypto Week'
Bitcoin experienced a slight price correction, dipping below $109,000 on Friday, causing a minor pullback in the broader cryptocurrency market. This movement followed the transfer of 20,000 BTC (approximately $2.18 billion) from two long-dormant wallets.
Dormant Whales Unleash Billions
On-chain analytics firm Lookonchain reported that one wallet, inactive since purchasing 10,000 BTC for $7,805 in April 2011, transferred its entire holdings. This represents a staggering 140,000x return on the initial investment. Almost simultaneously, another wallet moved an additional 10,000 BTC. While it's unclear if a single entity controls both wallets, the timing has drawn significant attention.
Another wallet of this Bitcoin OG also transferred out 10,000 $BTC ($1.09B) just now after being dormant for 14+ years. 14 years ago, $BTC was only $0.78 — that’s a mind-blowing 140,000x return!
— Lookonchain (@lookonchain) July 4, 2025
Regulatory Scrutiny on the Horizon
The price movement coincides with the upcoming "Crypto Week" (July 14-18) in the US House of Representatives. Three key bills are slated for review: the Digital Asset Market Clarity Act, the Anti-CBDC Surveillance State Act, and the GENIUS Act. These bills aim to establish a regulatory framework for digital assets, stablecoins, and to prevent potential CBDC surveillance issues. House Financial Services Chair French Hill, Agriculture Chair Glenn "GT" Thompson, and Speaker Mike Johnson intend to present these bills to President Trump. While the aim is regulatory clarity, some anticipate increased market volatility during the legislative process.
Market Outlook
Despite the recent dip, Bitcoin remains up 85% year-over-year. While spot Bitcoin ETFs and some corporations continue accumulating BTC, macroeconomic factors such as rising interest rates, banking sector concerns, and geopolitical tensions contribute to ongoing market uncertainty. Bitcoin is currently trading near its all-time high of around $112,000.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Investing in cryptocurrencies involves significant risk.
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