Skip to main content

8,000 Dormant Bitcoin Suddenly Move: What’s Next For The Market?

Popular CryptoQuant analyst Maartunn reports that 8,000 Bitcoin (BTC) which have been dormant for five to seven years have been moved suddenly, adding to current bearish concerns in the crypto. This development comes after a rather adventurous week as BTC prices struggled to break above $89,000, following an initial steady bullish climb, before succumbing to heavy selling pressures driven by US President Donald Trump’s hawkish tariff policy.

$674 Million In Old BTC Transfers In Single Block – Cause For Alarm?

The Spent Output Age Bands is a crucial metric to measure how long Bitcoin tokens remain inactive before moving. According to Maartuun in an X post, this metric has recently revealed that 8,000 BTC worth $674 million that was last transferred between 2018 and 2020 have been moved recently in a single block drawing significant market attention.

This transfer follows a string of recent activations of dormant Bitcoin stashes. On March 24, a 14-year inactive Bitcoin wallet suddenly moved 100 Bitcoin valued at $8.5 million. Meanwhile, in early March, six ancient Bitcoin wallets also transferred nearly 250 BTC worth $22 million.

Bitcoin

Notably, the most recent transaction reported by Maartuun is of far larger size with potentially strong implications for an uncertain Bitcoin market. Generally, a movement of such a large amount of BTC from long-term dormancy is usually interpreted as a signal for incoming selling pressure leading to major price corrections.

However, there are other potential non-bearish motives behind such transactions such as internal wallet shuffling by institutional investors or large holders as well as a cold storage reorganization. Currently, the owners of the new wallets receiving the 8000 is unknown thus reducing the potential of a bearish reaction from BTC holders.

Bitcoin Price Overview

In the last day, Bitcoin prices declined by 4.00% after the US Government announced intentions to impose a 25% tariff on auto imports and goods from China, Mexico, and Canada starting from April 3. This marks the latest negative reaction of the crypto market to President Trump’s international trade policies following similar incidents in early February and mid-March.

These measures by the Donald Trump administration are flaming fears of a potential economic slowdown which could further push high-risk assets such as BTC out of investors’ portfolios leading to a further downside.

At press time, Bitcoin currently trades at $83,693 reflecting a decline of 0.72% and 2.53% in the last seven and 30 days respectively. Meanwhile, the asset’s daily trading volume is up by 19.38% and is valued at $31.58 billion. The BTC market cap now stands at $1.66 trillion and still represents a dominant 61.1% of the total crypto market.

Bitcoin

BTC trading at $83,727 on the daily chart | Source: BTCUSDT chart on Tradingview.com



from Bitcoinist.com https://ift.tt/LPD1a3O
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Remains Range-Bound As Volatility Declines – Analyst Explains Price Action

Bitcoin has experienced frustrating price action in recent weeks, leaving investors impatient about its short-term direction. The price has been testing crucial supply levels between $98K and $100K, struggling to break out as uncertainty dominates the market. The lack of a clear move has led to speculation about whether BTC is preparing for a breakout or another correction. Adding to the uncertainty, the market was hit by negative news on Friday when crypto exchange Bybit was hacked, resulting in the theft of $1.4 billion in ETH. The incident caused fear and volatility, briefly dragging prices lower. However, Bybit responded quickly to reassure investors, easing some of the initial panic and stabilizing the market. Despite this, Bitcoin continues to consolidate in a tight range. Crypto expert Daan shared an analysis on X, noting that BTC is still ranging while volatility is steadily decreasing. As price compression increases, traders are on high alert for a potential explosive move....
Post a Comment
Read more

OpenSea Dodges A Bullet As SEC Drops Investigation—Details

In a move that many in the crypto industry view as a positive signal, the US Securities and Exchange Commission (SEC) has officially discontinued its investigation into OpenSea, the leading NFT marketplace. This decision concludes months of uncertainty regarding the regulatory status of NFTs and their classification under US securities laws. SEC Decision Signals A Shift On February 21, 2025, Devin Finzer, the CEO and co-founder of OpenSea, said the SEC will not take any enforcement action against the firm. This comes following the August 2024 Wells Notice to OpenSea issued by the SEC, which indicated the possibility of legal action on alleged unregistered securities offenses. The outcome of this case suggests a possible shift in the way authorities handle NFTs, therefore affecting the whole scene of digital assets. For the industry, this outcome has been seen as a major turning point. Though they are in rivalry with OpenSea, Chris Akhavan, the Chief Business Officer of Magic Eden,...
Post a Comment
Read more