A long-dormant bitcoin wallet has moved 4,582 BTC worth $377.58 million to five addresses on October 12, according to blockchain data from Lookonchain and mempool.space. The wallet, identified as 18VmXvkF4cgLi35RtMiHHDpvMjUCyVpQ9x, sent 4,000 BTC to four addresses (each receiving exactly 1,000 BTC) and 582 BTC to the fifth address. As reported by the public explorers, none of the five recipients have moved the coins since receiving the transfer. AMBCrypto reports that this represents the last large outgoing movement from the address, leaving almost nothing remaining. The wallet had previously shown some activity with a small outgoing transfer of 0.009 BTC in August 2024 and some small incoming transfers, but the bulk of the wallet remained intact until this major movement.
The coins arrived in the wallet on March 3, 2020, from address 17VX1BEjYVyBMi2vw6nXDrpwMvCSweHZot, just days before the cryptocurrency plunged more than 40% to under $4,000 due to Covid-19 panic. According to blockchain records, the coins were worth approximately $40.8 million when received and have since risen in value by roughly ninefold. The wallet remained inactive for more than six years until its first outgoing transaction in August 2024, which was a small payment of 0.009 BTC before returning the remainder to the same wallet. At the time of reporting, the five recipient addresses had not been identified as exchange deposit wallets, with no confirmed sale accompanying the transfer. AMBCrypto notes that if the owner acquired the coins in 2020, this comparison measures the increase in market value rather than established profits on the investment.
CryptoQuant analyst Darkfost has reported growing selling pressure among U.S. market participants during October, focusing on the Coinbase Premium Index. According to the analyst, the volume-weighted version of the indicator has remained deeply negative for several days, suggesting weaker demand or stronger selling activity on Coinbase. The negative readings indicate that institutional and professional market participants using Coinbase were selling more aggressively than traders on Binance. CoinGlass data showed the Coinbase Bitcoin Premium Index had remained negative for 19 consecutive days, reaching approximately -0.12%. Darkfost attributed the weakness partly to macroeconomic conditions, including rising government bond yields, persistent inflation concerns and a stronger U.S. dollar, with the Dollar Index climbing above 102 - its highest level since April 2025.
Bitcoin traded at $83,688 at the time of writing, recovering slightly past $81,034 and standing 2.25% higher than its daily opening price. According to AMBCrypto, the nearby hurdle sits around the $84,000–$84,200 price range, with Bitcoin potentially bringing recent highs near the $86,000–$87,000 price areas if it holds above that area. If the rebound fades, $81,000 remains the nearest downside reference, followed by $80,000. Market analysts highlight that Bitcoin continues to consolidate below the $86,000-$87,000 resistance zone, with near-term direction largely dependent on broader macroeconomic conditions. Support remains at $81,000 with resistance at $84,000, while the crypto Fear and Greed Index has fallen to 53 from around 80 in early October.
