Recently, Bitcoin saw a dip below the $109K threshold on Friday, which had a ripple effect throughout the larger cryptocurrency ecosystem. Market participants monitored closely as two significant Bitcoin wallets—previously inactive for an extended period—transferred a combined total of 20,000 BTC, representing approximately $2.18 billion, all in one transaction.

Despite this fluctuation, the leading cryptocurrency remains up an impressive 85% compared to one year ago; however, this unexpected movement in supply briefly unsettled investor sentiment.

Major Wallets Shift Significant Holdings

According to data from on-chain analytics service Lookonchain, a single wallet that acquired 10,000 BTC at the remarkably low price of $7,805 way back in April 2011 has since moved all of its holdings within a matter of hours.

This original purchase, made when Bitcoin was valued at just $0.78, has skyrocketed to a valuation exceeding $1 billion. Shortly afterward, a second address concurrently liquidated an additional 10,000 BTC, culminating in a staggering total of 20,000 BTC transacted in just one morning.

This represents an astonishing 140,000× return on the initial investment. Market analysts warn that the movement may not be linked to a single entity, but the timing of these transactions certainly captured widespread attention.

Yet another wallet from this Bitcoin pioneer has also simultaneously released 10,000 $BTC ($1.09B) right now after being dormant for over 14 years.

Fourteen years prior, $BTC was valued at just $0.78 — that equates to a staggering 140,000x return! https://t.co/e2m8AunEMc https://t.co/G0YXqPi4mK pic.twitter.com/E1fgGlYA4u

— Lookonchain (@lookonchain) July 4, 2025

Legislative Developments Amid Market Uncertainty

In the United States, lawmakers are gearing up for a significant “Crypto Week” from July 14–18. This event will focus on the examination of three key legislative proposals: the Digital Asset Market Clarity Act, the Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.

Collectively, these proposals aim to establish a new framework for the digital asset market, regulate stablecoins, and address privacy concerns surrounding retail Central Bank Digital Currencies (CBDCs).

House Financial Services Chair French Hill, Agriculture Chair Glenn “GT” Thompson, and Speaker Mike Johnson are poised to present these bills to the desk of President Donald Trump.

The objective is to lay down a comprehensive regulatory framework for digital assets, though there are concerns that the legislative discussions could introduce new levels of volatility into the market.

Price Levels and Market Sentiment to Monitor

Bitcoin surged past the $109K mark overnight before retracting to approximately $108,700 at the time of writing. The market is now less than $3,000 from its previous all-time high of around $112K.

In the U.S., Spot-Bitcoin ETFs continue accumulatingBTC, and many corporate treasuries are actively increasing their holdings. Nevertheless, broader macroeconomic conditions—such as rising interest rates, banking sector concerns, and geopolitical tensions—contribute a layer of caution among investors.

Source image from Meta, chart sourced from TradingView