9.6B Bitcoin Whale Transfer and GENIUS Act Trigger Market Jitters
A dormant whale’s multibillion-dollar BTC move and looming stablecoin audits spark correction fears despite bullish ETF inflows and regulatory progress
An early Bitcoin whale has stirred after more than a decade, shifting over $9.6 billion in BTC—fueling market concerns just as U.S. lawmakers advance key crypto regulations.
The whale, who originally acquired the coins in April and May 2011 when Bitcoin traded below $30, transferred the massive amount after 14 years of inactivity. This movement has sparked debate among analysts, especially following the House’s landmark approval of the GENIUS Act, a bill mandating strict audits for U.S.-issued stablecoins.
Jacob King, CEO of WhaleWire, speculated that the whale might be reacting to new regulatory pressures. “That alone will burst the biggest bubble and fraud in financial history: Bitcoin. It’s entirely propped up by fake money printed out of thin air,” he posted on X.
The U.S. House passed the GENIUS Act on July 17 with a 308–122 vote, alongside two other major crypto-related bills. The legislation is seen as a major step in defining digital asset oversight and reinforcing stablecoin standards.
Still, others remain optimistic. Katalin Tischhauser of Sygnum Bank described the bill as a clear framework that legally validates stablecoins as legitimate settlement tools—potentially paving the way for institutional adoption.
Long-Term Bitcoin Whales Unfazed by Regulation, Say Analysts
Despite the buzz, some analysts believe seasoned Bitcoin holders aren’t rattled by new laws.
Nicolai Sondergaard, a research analyst at crypto analytics firm Nansen, told that OG whales have little incentive to panic sell: “You’ve already held for over a decade. At this point, you’re looking to enjoy the benefits of that wealth.”
The 2011-era wallet saw a staggering 2.4 million percent gain before moving funds, but Sondergaard suggests the action doesn’t necessarily signal market fear. “We’re seeing moderate greed in sentiment indicators, and many investors are still on the sidelines,” he noted.
Nansen’s options data also reflect a cautiously bullish stance, with hedged positions in both directions.
Meanwhile, U.S. spot Bitcoin ETFs continue to attract strong interest, recording their 11th straight day of net positive inflows on July 18, totaling over $522 million, according to Farside Investors.
