A long-term Bitcoin holder, who hadn’t moved their coins for over ten years, recently transferred them and, in doing so, effectively destroyed over $8 million worth of BTC. This is known as ‘burning’ the coins, removing them from circulation.
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.
On May 26th, five Bitcoin wallets sent a total of 107 Bitcoin—approximately $8.3 million worth—to an address that permanently removes the coins from circulation, according to data from Lookonchain. The analytics platform noted that these wallets had been inactive for almost 11 years.
Someone intentionally destroyed $8.3 million worth of Bitcoin (107 BTC) after leaving it untouched for 11 years! Yesterday, five old wallets, inactive for over a decade, sent the Bitcoin to an address where it can’t be recovered. It’s shocking to see such a large amount of money permanently destroyed.
— Lookonchain (@lookonchain) May 27, 2026
The blockchain security company AMLBot monitored the transactions and found the Bitcoin was moved in five separate parts. They believe the coins might be connected to the former crypto exchange Mt. Gox, but haven’t determined who moved them.
As a researcher, I often encounter ‘burn addresses’ in the crypto space. These are essentially wallets that have no known private key, and because of that, any cryptocurrency sent to them is lost forever. It’s a way to permanently remove coins from circulation. While some projects use this technique to decrease the total supply of their tokens, large-scale Bitcoin burns like this aren’t typical.
Analysis of the blockchain data by AMLBot revealed these transactions were set to execute only after block 950,958. The sender also paid higher-than-usual fees to guarantee the transactions were quickly processed and included in that specific block.
Over time, the burn address has collected over 807 Bitcoin. Previously, deposits to this address were typically smaller amounts, often used to document transactions on the blockchain or as symbolic gestures, rather than for permanently removing large quantities of Bitcoin from circulation.
Bitcoin trades below key long-term resistance levels
Although excitement about whale transactions spread throughout the crypto world, Bitcoin’s price remained below key resistance points.
As of today, Bitcoin (BTC) is trading around $75,967, having briefly reached $76,000 earlier on Wednesday, according to crypto.news. Despite this, it’s still about 40% below its peak price of $126,080, which it hit in October 2025.
Looking at Bitcoin’s daily chart, the price has fallen below a recent upward trendline, indicating weakening momentum after a failed attempt to break higher. Currently, Bitcoin is trading below its 200-day moving average, around $80,170. Additionally, the 50-day moving average, at approximately $77,171, is preventing the price from rising further in the short term.
Recently, the difference between the 50-day and 200-day moving averages has shrunk significantly. The 50-day average is getting closer to the 200-day average, and traders are watching closely to see if they will cross, which could signal a positive shift in the market.
In technical analysis, a ‘golden cross’ happens when a stock’s short-term average price crosses above its long-term average price. This is generally seen as a sign that the price is likely to continue increasing.
Bitcoin’s price has increased since late March, rising from around $63,000 to nearly $83,000 earlier this month. However, it has since struggled to move higher and has repeatedly tested the $75,000 support level, with each attempt to rise failing to surpass its previous high.
Short-term trading signals continued to suggest a downward trend. The Aroon indicator confirmed this, showing strong bearish momentum with Aroon Down well above 70 and Aroon Up remaining near 7, indicating a significant difference between selling and buying strength.
Whale transfer adds to unusual Bitcoin supply activity
Recent large transfers from older, inactive Bitcoin wallets are raising eyebrows. These wallets are often associated with the first Bitcoin miners, people who’ve held onto Bitcoin for a long time, or trading platforms that no longer operate.
As crypto.news previously reported, a long-time Bitcoin holder from the early days – known as a ‘Satoshi-era whale’ – recently moved 2,650 BTC (over $200 million worth) to cryptocurrency trading companies FalconX and Cumberland.
Even after the recent transfers, the wallet still contained almost 6,000 Bitcoin, worth approximately $462 million. While these transactions didn’t necessarily indicate an immediate sale, significant activity from early Bitcoin owners usually draws attention from the market, as traders look for clues about whether more Bitcoin will be offered for sale on exchanges.
As I’ve been tracking recent Bitcoin movements, this latest burn of 107 BTC has been particularly interesting, adding to the already unusual activity we’re seeing from long-dormant whales. What sets this apart from typical exchange deposits is that these Bitcoins are effectively gone from the circulating supply – unless, against all odds, someone manages to recover access to the wallet controlling them, which most blockchain experts believe is highly improbable.
After the tokens were burned, neither Lookonchain nor AMLBot detected any further activity from those wallets.
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2026-05-27 12:11