Bitcoin 2025 just got a shock of controversy, Michael Saylor made waves by calling proof-of-reserves “a bad idea,” as highlighted by analyst Mitchell. The bold remark has reignited debate around transparency and trust in crypto. In a recent interview, Saylor outright rejected the idea of publishing on-chain proof of reserves, a practice seen by many in the crypto space as essential for transparency and trust.
Saylor’s Security Concerns
Saylor argued that current PoR methods weaken security by exposing sensitive data. He likened it to publishing bank account details and insisted AI analysis would reveal dozens of ways such disclosures could compromise long-term safety. Drawing from the FTX and Mt. Gox disasters, Saylor suggested that blindly chasing transparency without secure methods could do more harm than good.
— bitcoin pirate I I ∞/21M (@ob_hodl) May 27, 2025
The crypto community didn’t take his comments lightly. Notably, Bitcoin veteran Whale Panda (Stefan Jespers) called it a “major red flag,” stressing that Bitcoin’s core value lies in its transparency. Critics argue that there are ways to verify holdings securely, without compromising asset safety.
For example, Bitwise uses a “proof of holdings” method for its crypto products, and many crypto exchanges regularly publish audit reports to prove solvency. These examples contradict Saylor’s claim that such actions are inherently risky.
Old Wounds and New Doubts Resurface
The backlash has even reignited old doubts. Some critics pointed to Saylor’s infamous $6 billion loss in 2000 due to an accounting scandal, suggesting a pattern of avoiding transparency. Others are reviving conspiracy theories that MicroStrategy may not hold actual Bitcoin, but instead, paper-based derivatives.
Bitcoin (BTC) in 2025 is buzzing with activity as long-dormant Bitcoin wallets, often referred to as “old whales,” spring back to life after years of inactivity.
Recent large transactions from untouched wallets for over a decade and significant Bitcoin movements to exchanges are capturing the crypto community’s attention. These developments reflect changes in the behavior of major investors and may signal potential price volatility on the horizon.
Old Bitcoin Whales Suddenly Active Again
Recently, 3,422 Bitcoins, equivalent to $324 million, were transferred from a wallet that had been dormant for 12 years to a new address. These Bitcoins originated from BTC-e, one of the oldest shut-down exchanges.
Back in 2012, the initial value of these BTC was just $46,000. Today, their value has surged 7,018 times, a clear result of Bitcoin’s long-term growth potential.
Around the same time, another wallet holding 2,343 BTC, valued at over $221 million, activated again after 11.8 years of dormancy. Transactions from these “sleeping” wallets often draw significant attention within the community, as they may indicate that veteran investors are starting to liquidate assets or preparing for other strategic moves in the market.
Bitcoin Movements to Exchanges: Rising Selling Pressure?
In addition to the reactivation of long-dormant wallets, the market has also seen a series of large Bitcoin transfers to major exchanges. According to data from Whale Alert, these transactions spiked in early May 2025.
Specifically, 2,402 BTC were moved from Ceffu to Binance, 600 BTC ($56.65 million) were transferred from an unknown wallet to Bitfinex, and 1,636 BTC ($154.05 million), along with 1,385 BTC ($130.74 million), were sent from Cumberland to Coinbase Institutional. Another transaction involving 1,142 BTC ($107.68 million) was also recorded from an unknown wallet to Coinbase Institutional.
These movements suggest that Bitcoin whales actively shift their assets to exchanges, a behavior often interpreted as a sign of potential selling pressure.
Beyond individual whales, Riot Platforms, a leading Bitcoin mining company, sold 475 BTC in April 2025 to cope with industry pressures. This move comes as the Bitcoin mining sector faces rising operational costs following the 2024 halving event, forcing many companies to liquidate portions of their holdings to sustain operations. Meanwhile, MicroStrategy, an institutional investor known for its Bitcoin accumulation strategy, continues to buy in despite criticism of its high-risk investment approach.
However, data from Coinglass reveals that last week, exchanges recorded a net outflow of 15,700 BTC, with total balances dropping to 2.2 million BTC. This could reflect a long-term accumulation trend among large investors, as they withdraw Bitcoin from exchanges to store in cold wallets, reducing the circulating supply in the market.
What did These Movements mean for the Bitcoin Market?
The activities of old whales and major institutions fuel speculation about the Bitcoin market’s future direction. According to a CryptoQuant report from March 2025, the Exchange Whale Ratio on Binance has recently declined, indicating a reduction in selling pressure from large investors, a positive signal for BTC’s price.
The Exchange Whale Ratio, which fell below 0.3 on April 23, indicates a major shift in participation, from institutional or big traders to more retail-dominant flows.
Bitcoin exchange whale ratio. Source: CryptoQuant
“This suggests less whale selling and, perhaps, a “cleaner” market environment in which price movements are driven by organic demand rather than large-volume sell-side pressure.” Analysis shows that
Short-term Bitcoin holders have not yet taken significant profits to form selling pressure, and upward momentum is still accumulating.
“The current NUPL is 8%, while its 30-day SMA remains negative and holds at -2%. Until NUPL exceeds 40%, selling pressure from this cohort will remain minimal, which is a bullish signal.” Analysis shows that
However, the recent transfers of Bitcoin to exchanges suggest that short-term selling pressure may increase, particularly as Bitcoin hovers around $95,000, with key support levels at $93,000 and $83,000.
The reactivation of long-dormant wallets also signals confidence from veteran investors, who are gearing up for a new bullish cycle. These developments paint a complex market picture, with both opportunities and risks on the horizon.
The resurgence of old Bitcoin whales, significant transfers to exchanges, and actions from institutions like Riot Platforms are heating the crypto market in 2025. These movements reflect shifting sentiments among major investors and could shape Bitcoin’s price trends in the coming months. While the potential for growth remains, investors must stay vigilant and prepared for unexpected market fluctuations.
Trezor, the pioneer company in hardware wallets, has integrated the 1inch Fusion protocol with Trezor Suite. This latest integration allows the users to swap cryptocurrencies through their hardware wallet without incurring gas fees and also having the additional feature of front-running (MEV) attack protection.
Fusion Protocol in Action
The 1inch Fusion protocol enables swaps of tokens at comparatively better rates, with the advantage of not needing any native tokens on the account for covering gas fees. It removes one of the barriers for decentralized trading, thereby giving a graceful land to protect users from malicious-on-chain tactics like sandwich attacks or fun running, where this would matter, especially for huge trades.
With Fusion being directly integrated within Trezor Suite, users can access liquidity nearly without limitation across various chains, such as Ethereum, BNB Chain, Polygon, Arbitrum, Optimism, and Base. All swap transactions are secured by Trezor hardware so that the user’s private keys stay offline and under his total control for the whole process.
“At Trezor, we’re excited to integrate 1inch Fusion — a collaboration that aligns perfectly with our mission to empower individuals to self-custody their bitcoin and crypto with tools that seamlessly balance security, privacy, and usability. By removing the need for native gas tokens and protecting users from MEV attacks, Fusion delivers frictionless, secure token swaps directly within the Trezor ecosystem.” — Danny Sanders, CCO at Trezor
“With the integration of the 1inch Swap API, the Trezor Suite users gain access to the most secure, efficient, and seamless DeFi experience available. Combining industry-best swap rates with hardware-grade protection, this partnership sets a new standard for what decentralized finance should look like.” – Sergej Kunz, 1inch Co-Founder
Assessing the Key Features and User Benefits
Gasless Transactions
Users no longer need to hold ETH or other native tokens to pay network fees — gas is abstracted away, simplifying the experience.
MEV Protection
Fusion protects trades from frontrunning and sandwich attacks, improving fairness and reducing slippage during execution.
Integrated Experience
Trezor Suite makes it easy for users to swap directly in the interface without the use of third-party applications or extensions.
Cross-Chain Liquidity
The Fusion project draws liquidity from all corners of the Web3 space, both Layer 1 and Layer 2, for maximum flexibility and extensibility.
Hardware-Level Security
Basically, everything is done in the hardware environment of the Trezor, where the users keep full control of their private keys and assets. The integration has been introduced with the latest version of Trezor Suite and is available for Trezor Model T, Trezor Safe 3, and Trezor Safe 5.
To Sum Things Up
With 1inch Fusion integrated, Trezor rejuvenates security and usability in DeFi. Gas-free, MEV-protected swaps on multiple chains can now be conducted directly from the hardware wallet without compromising control, privacy, or performance in decentralized trading.
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I ∞/21M (@ob_hodl) May 27, 2025
