Over 119,000 BTC moved after a year of inactivity, but only 10% reached exchanges, signaling wallet consolidation rather than liquidation.
A surge of 119,000 Bitcoin, dormant for over a year, moved within three days, dwarfing the 594 BTC stolen in a recent Coldcard wallet exploit. Despite the scale, only about 10% of the moved BTC reached exchanges, indicating wallet migration rather than broad selling activity.
Bitcoin volatility remained at historically low levels, with upside implied volatility dropping to a record low near 23%. Meanwhile, U.S. spot Bitcoin ETFs saw outflows of approximately 65,800 BTC in June, reflecting subdued market sentiment amid record highs in global equities and gold.
The lack of exchange inflows suggests minimal selling pressure, as investors appear to be repositioning holdings without liquidating.