Bitcoin loses $108K as 14-year-old BTC sparks Satoshi rumors

Key points:

• Bitcoin price losses near 2% on the day as 14-year-old coins suddenly move onchain.

• Explanations include an unsubstantiated claim linking the BTC wallets involved to creator Satoshi Nakamoto.

• Price comes for BTC longs as a result, with shorts massing above $110,000.

Bitcoin ( BTC ) slipped beneath the key $108,000 level on July 4 as transactions involving long-dormant coins startled markets.

Rumors swirl as Bitcoin “OG” moves millions

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD visiting $107,564 on Bitstamp before a modest bounce.

Down 1.6% on the day, Bitcoin built on weakness that followed a fresh rejection at $110,000 the day prior.

The latest BTC price action, which occurred in the absence of Wall Street trading thanks to the US Independence Day holiday, coincided with a giant tranche of 80,000 BTC reawakening after 14 years.

The transactions were linked to a single whale entity, with monitoring resource Lookonchain confirming a total of eight wallets.

A Bitcoin OG holding at least 80,009 $BTC ($8.69B) woke up after 14+ years of dormancy and transferred out 40,000 $BTC ($4.35B) today!

This OG controls about 8 wallets, 2 of which received 20,000 $BTC ($15,600 at the time, $2.18B now) on April 2, 2011, when the price of $BTC was… pic.twitter.com/F8jULZ6Ee7

— Lookonchain (@lookonchain) July 4, 2025

The transfers were ongoing at the time of writing, with markets clearly nervous of the implications of such old coins suddenly moving onchain, potentially as part of a sale.

Rumors on social media abounded, with popular trader CryptoBeast even linking the transactions to Satoshi Nakamoto .

Commenting, popular X trading account TheKingfisher observed a spike in so-called “toxic” order flow — transactions which result in losses for market makers.

“I'd expect it to retrace, maybe liq those high leverage shorts,” part of a post suggested , referring to a build-up of BTC short liquidity on exchange order books.

Data from monitoring resource CoinGlass showed BTC/USD eating through long liquidity levels while overhead resistance — especially above $110,000 — increased.

BTC price risks canceling breakout

Continuing on Bitcoin price action, popular trader and analyst Rekt Capital flagged a potential risk to bull market upside.

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A daily chart uploaded to X showed BTC/USD undoing the resistance/support flip of a key trendline, which has been in place since the current all-time highs of $112,000.

“Bitcoin is losing the diagonal for the moment,” he confirmed .

“But if price Daily Closes above the diagonal then this will have ended as a downside wick as part of a volatile retest. Upcoming Daily Close will be pivotal.”

Previously, other crypto market participants had repeatedly highlighted $108,000 as the level that bulls needed to hold going forward.