Bitcoin Sees Profit‑Taking As Lawmakers Gear Up For ‘Crypto Week’

Bitcoin dipped below the $109K mark on Friday, triggering a minor retreat in the wider digital assets market. Traders watched closely as two large BTC wallets—dormant for years—moved a combined 20,000 BTC, roughly $2.18 billion, in a single session.

The flagship crypto is still up 85% over the past 12 months, but this sudden shift in supply briefly shook confidence.

Related articles

Bitcoin Naysayer Vanguard Makes Bold Bet On MSTR Stock–Details

16 July 2025

Gone Without A Trace: Darknet Bitcoin Platform Vanishes In Suspected Scam

15 July 2025

Dormant Whales Move Billion‑Dollar Stakes

Based on reports from on‑chain tracker Lookonchain, one wallet that snapped up 10,000 BTC for $7,805 back in April 2011 moved its entire holding within hours.

That original haul, bought when Bitcoin traded at $0.78, is now worth over $1  billion. Moments later, a second address transferred another 10,000  BTC, taking the total to 20,000  BTC shifted in one morning.

That equates to a jaw‑dropping 140,000× return on the tiny initial outlay. Analysts caution it may not be a single individual behind both wallets, but the timing grabbed 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! https://t.co/e2m8AunEMchttps://t.co/G0YXqPi4mK pic.twitter.com/E1fgGlYA4u

— Lookonchain (@lookonchain) July 4, 2025

Political Push Comes As Bitcoin Hesitates

Lawmakers in the US are set to take center stage from July 14–18 for a “Crypto Week.” Three major bills will go under review in the House: the Digital Asset Market Clarity Act, the Anti‑CBDC Surveillance State Act, and the Senate’s GENIUS Act.

All three measures aim to set new rules for market structure, stablecoins, and prevent a retail CBDC surveillance system.

House Financial Services Chair French Hill, Agriculture Chair Glenn “GT” Thompson, and Speaker Mike Johnson say they plan to deliver these bills to US President Donald Trump’s desk.

ADVERTISEMENT

The goal is to build a clear rulebook for digital assets, though some fear the debate could drive fresh volatility.

Key Levels And Sentiment On Watch

Bitcoin rallied past $109K overnight before pulling back to trade around $108,700, at press time. The market sits less than $3,000 away from its recent all‑time high of about $112K.

Spot‑Bitcoin ETFs in the US continue to load up on BTC, and some corporate treasuries keep adding to their stacks. Yet macro factors—rising rates, bank sector worries, and global tensions—keep a bit of caution in the air.

Featured image from Meta, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.