On Friday, the global digital assets market experienced a minor pullback as Bitcoin failed to hold the $109K mark. Amid this drawdown, on-chain data shows that two large wallets moved around 20,000 Bitcoin.
Movement of Bitcoin by Major Wallets
According to data shared by Lookonchain, one wallet (12tLs9c9Rs) that initially bought 10,000 BTC for $7,805 in April 2011 moved its holdings just a few hours ago. Now, that same Bitcoin haul is valued at over $1 billion. Shortly after, a second wallet (1KbrSKrT3Ge) was observed moving another 10,000 BTC, bringing the total transferred in one morning to $2.18 billion. This reflects a jaw-dropping 140,000x return on the original investment.
Legislative Initiatives in the US
These movements come as Republicans are preparing three major crypto bills that could reshape the landscape in the US. During 'Crypto Week,' scheduled for July 14–18, the House is set to review and potentially pass key bills, such as the CLARITY Act and the recently passed GENIUS Act aimed at federal regulation of stablecoins. Republican leaders assert that the goal is to position the US as the global capital of cryptocurrency.
Current State of the Cryptocurrency Market
Currently, the crypto market stands at $3.35 trillion, with a 24-hour trading volume of $109.4 billion. The stablecoin market capitalization is at $264.4 billion, with Tether (USDT) leading at $158.4 billion.
Recent developments in the market indicate significant changes in both investor behavior and the legislative environment in the US. The future of cryptocurrencies will depend on the adoption of new legislation and the market's reaction to these changes.
