A long-dormant Bitcoin whale has destroyed over $8 million worth of Bitcoin after more than ten years of inactivity. According to data from Lookonchain, five wallets transferred a total of 107 Bitcoins, valued at approximately $8.3 million, to a burn address on May 26. The blockchain analytics platform noted that most of these wallets had seen no activity for nearly 11 years.
Someone has destroyed 107 Bitcoins (around $8.3 million) after 11 years! Yesterday, five wallets sent 107 Bitcoins (worth $8.3 million) to a burn address. Most of these wallets had been dormant for 11 years. The destruction of such a large sum is truly astonishing.
The burn address is a wallet with no known private key, meaning that any cryptocurrency sent to this address will be permanently inaccessible. This process removes coins from circulation, typically used to reduce token supply; however, such large-scale Bitcoin destruction is still rare.
Meanwhile, on-chain records analyzed by AMLBot show that the lock time parameters for these transactions are related to block 950,958. The sender also paid transaction fees exceeding the normal network rate to ensure the transfer was processed and confirmed within the target block.
At the same time, the burn address has accumulated over 807 Bitcoins. Most previous deposits were relatively small, typically used for blockchain record retention or symbolic transfers, rather than large-scale asset destruction.
Bitcoin Continues to Trade Below Key Long-Term Resistance Levels
Despite the whale activity drawing attention in the crypto market, Bitcoin continues to trade below several major technical resistance levels.
According to crypto.news, as of the time of writing, Bitcoin (BTC) is trading around $75,967, briefly touching the $76,000 area during intraday trading on Wednesday. The leading digital currency is still nearly 40% below its all-time high of $126,080 set in October 2025.
On the daily chart, Bitcoin has fallen back below a rising trendline support after failing to maintain its recent breakout attempt. The trading price of BTC is also below the 200-day moving average (approximately $80,170), while the 50-day moving average (around $77,171) continues to limit short-term upward attempts.
Meanwhile, the gap between the two major moving averages has significantly narrowed in recent weeks. The 50-day moving average is now close to the 200-day moving average, and if bullish momentum returns, traders should watch for a potential golden cross formation.
In technical analysis, a golden cross occurs when a short-term moving average crosses above a long-term moving average, typically signaling a strong continuation of upward movement.
Since the end of March, Bitcoin has rebounded from the $63,000 area but encountered resistance near $83,000.