A dormant Bitcoin whale has burned more than $8 million worth of BTC after moving funds that had reportedly remained inactive for over a decade. Summary Dormant Bitcoin wallets transferred 107 BTC worth roughly $8.3 million to a burn address after nearly 11 years of inactivity, according to Lookonchain. AMLBot said the transactions may be linked to Mt. Gox-era wallets, with the Bitcoin permanently removed from circulation after being sent to an unrecoverable address. Bitcoin traded near $76,000 while remaining below key resistance levels, as traders watched a possible golden cross forming between the 50-day and 200-day moving averages. According to Lookonchain, five wallets transferred a combined 107 Bitcoin worth roughly $8.3 million to a burn address on May 26. The on-chain analytics platform said most of the wallets involved in the transfers had shown no activity for nearly 11 years. Blockchain security firm AMLBot also tracked the transactions and said the Bitcoin was sent across five separate transfers. The company noted that the coins may have ties to the collapsed crypto exchange Mt. Gox, though it did not identify the entity behind the movement. A burn address is a wallet with no known private key, meaning any cryptocurrency sent to it becomes permanently inaccessible. The process removes coins from circulation and is sometimes used by projects attempting to reduce token supply, though Bitcoin burns of this size remain uncommon. At the same time, on-chain records reviewed by AMLBot showed the transactions were configured with a locktime parameter tied to block 950,958. The sender also paid transaction fees above the normal network rate to ensure the transfers were processed and confirmed within the targeted block. Meanwhile, the burn address itself has accumulated more than 807 BTC over time. Most prior deposits were much smaller and often used for blockchain recordkeeping or symbolic transfers rather than large-scale destruction of assets. Neither Lookonchain nor AMLBot reported any follow-up transfers linked to the wallets after the burn transactions were completed. Bitcoin trades below key long-term resistance levels While the whale activity drew attention across the crypto market, Bitcoin continued trading below several major technical resistance levels. According to data from crypto.news, Bitcoin (BTC) price was trading near $75,967 at press time after briefly touching the $76,000 area during intraday trading on Wednesday. The bellwether remains almost 40% below its all-time high of $126,080 reached in October 2025. On the daily chart, Bitcoin had slipped back below an ascending trendline support after failing to sustain a recent breakout attempt. BTC is also trading beneath the 200-day moving average near $80,170, while the 50-day moving average around $77,171 continues capping short-term upside attempts. Bitcoin price has fallen below an ascending trendline support on the daily chart — May 27 | Source: crypto.news At the same time, the gap between the two major moving averages has narrowed considerably in recent weeks. The 50-day moving average is now approaching the 200-day moving average, putting traders on watch for a potential golden cross formation if bullish momentum returns. In technical analysis, a golden cross occurs when the shorter-term moving average rises above the longer-term average and is often associated with stronger upside continuation. Since late March, Bitcoin has rallied from the $63,000 region before running into resistance near $83,000 earlier this month. Recent trading sessions have produced lower highs on the daily chart, while the $75,000 support area continues facing repeated retests. Meanwhile, momentum indicators still showed bearish pressure dominating the short-term structure. The Aroon indicator displayed a wide separation between bullish and bearish strength, with Aroon Down holding above 70 while Aroon Up stayed near 7. Whale transfer adds to unusual Bitcoin supply activity Large dormant-wallet movements have continued drawing attention because many older Bitcoin addresses are linked to early miners, long-term holders, or defunct trading platforms. As reported earlier by crypto.news, a separate Satoshi-era Bitcoin whale transferred 2,650 BTC, worth more than $200 million, to crypto trading firms FalconX and Cumberland earlier this week. The wallet still held nearly 6,000 BTC worth around $462 million after the transfers at that time. Although the transactions did not confirm an immediate sale, large movements tied to early Bitcoin holders often attract close market scrutiny because traders watch for signs of additional supply entering exchanges. Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.
