Bitcoin Whale’s $9.6B Move Sparks GENIUS Act Debate
Bitcoin Whale’s $9.6B Move Sparks concerns across the crypto market, as a Satoshi-era wallet awakens after 14 years. The GENIUS Act’s audit rules amplify fears of a market correction, even while Bitcoin ETFs post gains and opinions on regulatory changes stay sharply divided.
A dormant Bitcoin wallet from 2011 just stirred, transferring $9.6 billion worth of BTC—causing a storm across the crypto market and reigniting correction fears. The coins, bought when Bitcoin traded under $30, surged over 2.4 million percent in value. The massive transfer was made public shortly after the GENIUS Act passed.
Bitcoin Whale’s $9.6B Move Sparks Debate Over GENIUS Act’s Impact on Stablecoins
Financial analyst Jacob King tied the whale’s activity to fears over the GENIUS Act, which now enforces strict audit rules on stablecoins across the U.S. market. He claimed such regulation could pop what he called “the biggest bubble and fraud in history”—referring to Bitcoin’s price being artificially inflated by fiat-based stablecoins. The GENIUS Act is one of three crypto-focused bills passed by the U.S. House in a 308-122 vote, aiming to bring regulatory clarity to the digital asset ecosystem.
While some see it as a threat, others find hope. Katalin Tischhauser of Sygnum Bank believes it gives stablecoins legal settlement status and regulatory clarity. Nansen’s analyst Nicolai Sondergaard notes long-term holders like this whale may be unmoved by the regulation, possibly just realizing life-changing wealth.
Many still anticipate a market pullback. The Fear & Greed Index sits at 73—signaling greed, yet also showing that some investors are hesitating to go all-in. Options data reflects a market leaning slightly bullish, yet hedging in both directions. Sentiment remains cautious as uncertainty looms post-regulation.
Meanwhile, institutional interest isn’t slowing. U.S. spot Bitcoin ETFs recorded a remarkable 11th straight day of positive inflows, pulling in $522 million. Whether it’s fear from audits or just good timing, the move by this old whale has once again reminded the crypto world of how quickly tides can shift.