A set of five long-dormant Bitcoin wallets collectively transferred 107 BTC, worth roughly $8.3 million, to a burn address on May 26, according to on-chain analytics firm Lookonchain. The wallets had shown no activity for nearly 11 years. Blockchain security company AMLBot tracked the transactions and suggested the coins may be tied to the defunct exchange Mt. Gox, though the entity behind the movements was not identified.
A burn address has no known private key, meaning any crypto sent to it becomes permanently inaccessible. This permanently removes coins from circulation. The transactions were configured with a locktime parameter linked to block 950,958, and the sender paid above-average transaction fees to ensure confirmation within the target block. Over time, the same burn address has accumulated more than 807 BTC, with prior deposits mostly being small symbolic transfers rather than large-scale asset destruction.
Bitcoin Stalls Below Key Technical Levels
Despite the whale activity, Bitcoin failed to break above major resistance. Data from crypto.news shows BTC briefly touched $76,000 during intraday trading on Wednesday before settling near $75,967. The bellwether remains nearly 40% below its all-time high of $126,080 set in October 2025. On the daily chart, Bitcoin slipped back below an ascending trendline support after a failed breakout attempt. It also trades beneath the 200-day moving average near $80,170, while the 50-day moving average around $77,171 caps short-term upside. The gap between these two averages has narrowed significantly, putting traders on alert for a potential golden cross if bullish momentum returns. Since late March, BTC has rallied from the $63,000 region before hitting resistance near $83,000 earlier this month. Recent sessions show lower highs, while the $75,000 support zone faces repeated retests. Momentum indicators remain bearish: Aroon Down holds above 70, while Aroon Up stays near 7, reflecting dominant selling pressure.
Another Satoshi-Era Whale Moves 2,650 BTC
Earlier this week, a separate Satoshi-era Bitcoin whale transferred 2,650 BTC (worth over $200 million) to trading firms FalconX and Cumberland, as reported by crypto.news. The wallet still holds nearly 6,000 BTC worth around $462 million. While no immediate sale was confirmed, large moves from early holders often attract scrutiny as potential precursors to exchange inflows.