A major on-chain move just surfaced—an address that hasn't been active for over a decade suddenly transferred out 909.38 BTC, roughly equivalent to 85 million USD.

When was this money accumulated? Around late 2012 to early 2013. Back then, Bitcoin was only a few tens of dollars, around $50 to $100. Calculating the return, that's an 800x gain. You read that right.

Why is this event so significant? As someone who monitors on-chain data daily, I need to clarify a few points.

This isn't just a simple profit-taking exit. Those who can hold onto an 800x gain through multiple bull and bear cycles and remain silent until today are not ordinary retail investors. These are the legendary "diamond hands." Their decision-making is never casual. Now, with the old and new narratives shifting, the sudden activity of this veteran holder is a high-level signal that cannot be ignored.

Timing is very interesting here. Why now? Perhaps they believe market liquidity is sufficient to absorb such a large old-coin position. Or maybe they are adjusting their asset allocation. Regardless, this indicates that the "old consensus" of an era is shifting.

Short-term impact is obvious—over 900 BTC sitting there needs to be digested by the market, which will likely cause some psychological fluctuations. But what is the deeper logic? The greatest selling pressure in a bull market actually comes from the earliest adopters. To sustain a truly healthy bull run, new funds and new stories must continuously come in to absorb this "ancient liquidity."

My clear judgment: the market is entering a "complex game" phase. It’s no longer just about pushing prices up; new and old funds, short-term speculation, and long-term beliefs are now competing. Whale movements? They are actually a sign of market maturity and serve as a stress test for all participants.

No need to panic, but a sense of reverence is necessary. This doesn't change Bitcoin's long-term logic, but it could very well be the trigger for the next phase of adjustment or directional shift. My strategy remains unchanged: treat small fluctuations as noise, focus on core narratives, but consider these on-chain anomalies as important references for rebalancing and risk management.