Bitcoin (BTC) is marginally down over the past 24 hours as concerns about the US economy persist. Markets were also spooked by a mysterious transfer of 80,000 BTC by a long-dormant Bitcoin wallet, with some speculating it could be a hack. The flagship cryptocurrency is down 0.70% over the past 24 hours, trading around $108,101 after dropping from an intraday high of $109,123. BlackRock’s IBIT Becomes Third-Highest Revenue Generator BlackRock’s spot Bitcoin ETF has quickly established itself as the firm’s third-highest revenue-generating fund. The ETF has $76 billion in assets under management (AUM), and a 0.25% expense ratio, generating $191 million in annual revenue. The ETF’s stunning growth puts it behind only BlackRock’s iShares Russell 1000 Growth ETF and the iShares MSCI EAFE ETF. IBIT launched in January, easily crossing early projections thanks to strong demand from institutional and retail investors. Bloomberg ETF analyst Eric Balchunas stated, “IBIT is now the 3rd highest revenue-generating ETF for BlackRock out of 1,197 funds, and is only $9b away from being #1. Just another insane stat for a 1.5-year-old (literally an infant) ETF.” Mysterious Bitcoin Whale Transfer Stuns Market An old Bitcoin whale has started moving a staggering 80,000 BTC , worth $8.6 billion after fourteen years. According to data from Arkham Intelligence, the funds began moving in batches of 10,000 BTC early on Friday. By 11 AM Eastern Time, all the BTC had been moved to new addresses. Blockchain observers quickly pointed out that the entity behind the transfers received the Bitcoin in 2011 as “coinbase” transactions, the first transaction in a block created by miners. “THE FINAL BTC BILLIONAIRE ADDRESS JUST MOVED $1.1 BILLION worth of BTC . A single entity that controls $8.6 BILLION of BTC has moved their final 10K wallet.” CryptoQuant head of research, Julio Moreno, stated that this was the largest movement of BTC aged ten years or more. The previous record was a transaction of 3,700 BTC . “It is the largest daily movement of coins aged 10 years or more in history.” Another analyst noted that the entity that made the transactions on Friday held over 200,000 BTC at one point. Conor Grogan, the director of Coinbase, stated that the entity had a fortune of $21.5 billion, ranking it among the top five largest Bitcoin holders in history. According to Grogan, the Bitcoin wallet likely belonged to an “OG miner.” OG miners are miners who began Bitcoin mining very early on, likely when the network was in its infancy. Was The $8.6B Bitcoin Transfer A Hack? Conor Grogan, Head of Product at Coinbase, believes there is a small chance the staggering transfer of $8.6 billion worth of Bitcoin could be a hack. If true, it could be the largest heist in history. Grogan stated in a post on X, “If true (again, I’m speculating on straws here), this would be by far the largest heist in human history. There is a small possibility that the $8B in BTC that recently woke up were hacked or compromised private keys.” Grogan flagged a suspicious Bitcoin Cash (BCH) transaction made before the Bitcoin transfer, stating the wallet owner might have been quietly testing the wallet key, as Bitcoin Cash transactions attracted little attention. “I found a single BCH test transaction from one of the BTC whale clusters 14 hours ago, followed by the full amount. An hour later, the BTC wallets began to move. What makes me say this is that the other BCH wallets have not been touched at all; why wouldn’t they also sweep these?” Bitcoin (BTC) Price Analysis Bitcoin (BTC) registered a sharp decline on Friday, losing momentum after failing to close above $110,000. The flagship cryptocurrency posted an impressive rally on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. It continued pushing higher on Thursday, reaching an intraday high of $110,583 before marginally declining to settle at $109,650. Sellers overwhelmed buyers on Friday, and the price dropped to $108,097. Despite geopolitical tensions, market uncertainty, a massive spending bill, and a mysterious whale transfer, Bitcoin charts remain bullish. According to analysts, short-term traders are locking in their profits after BTC’s latest rally, creating a “sell the news” dynamic. The price faces resistance around $110,650, a level it failed to clear this week. A break above this level could take BTC beyond $112,000 to a new all-time high. Prices have also been impacted by the recent US nonfarm payrolls jobs data. According to data from the Bureau of Labor Statistics, the US economy added 147,000 jobs in June, while the unemployment rate dropped to 4.2%. The data was substantially better than the expected addition of 100,000 jobs in June, and contrasted with the ADP report, which indicated a loss of over 33,000 private sector jobs. The unemployment rate was also lower than the predictions that projected an increase to 4.3%. BTC ended the previous weekend in the red, dropping below $100,000 to a low of $98,385 on Sunday (June 22). The price rebounded to reclaim $100,000 and end the weekend at $100,985. BTC rallied on Monday, rising over 4% to reclaim $105,000 and settle at $105,443. Buyers retained control on Tuesday as the price rose 0.66% to cross the 20 and 50-day SMAs and $106,000, settling at 106,137. BTC reclaimed $107,000 on Wednesday, rising 1.19% and settling at $107,397. Despite the positive sentiment, the price fell 0.39% on Thursday, slipping below $107,000 and settling at $106,980. It recovered over the weekend, registering marginal increases on Friday and Saturday to reclaim $107,000 and settle at $107,339. Source: TradingView Bullish sentiment intensified on Sunday as BTC rose almost 1% to reclaim $108,000 and settle at $108,350. However, it lost momentum on Monday, dropping 1.09% and settling at $107,167. Sellers retained control on Tuesday as the price fell 1.33%, slipping below $106,000 and settling at $105,742. BTC recovered on Wednesday, rising nearly 3% to reclaim $108,000 and settle at $108,845. The price continued rising Thursday, reaching an intraday high of $110,583 before settling at $109,650. Sellers overwhelmed buyers on Friday as the flagship cryptocurrency fell 1.42% to $108,097. The current session sees BTC marginally down as buyers and sellers struggle to establish control. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.