Dormant Bitcoin Whale Cuts Losses, Moving $674k of BTC After 5-7 Years

A significant amount of Bitcoin, valued at around $674 Bitcoin, has suddenly been transferred. The dormant tokens were moved yesterday

A significant amount of Bitcoin, valued at around $674 Bitcoin, has suddenly been transferred. The dormant tokens were moved yesterday, according to crypto analytics firm CryptoQuant. These coins had been dormant for five to seven years, raising questions about the motive behind this sudden activity.

This Moves Comes Amidst A Highly Volatile Day For The Cryptocurrency Space

The movement comes as the cryptocurrency space faces a day of high volatility, with all cryptocurrencies experiencing dips, and Bitcoin also facing a sharp decline. The cryptocurrency slid further, dropping nearly 5% to hit a 24-hour low of $83,609 on Friday, continuing its fall from the $90,000 level that began earlier this week.

This market-wide downturn also reflects a huge slump in the United States Stock exchange as well, with the S&P 500 Index also facing remarkable losses. Commencing the day at 4,328.88, the index slid to 4,164.87 by 9:36 AM ET, marking a 3.8% decrease.

However, despite the recent price uncertainty, on-chain data analytics suggests a broader trend of accumulation and interest among large Bitcoil holders.

Glassnode has reported that the Bitcoin supply per whale has been increasing since March, indicating increased accumulation, although the price levels remain lower than those seen earlier in the year. Since the beginning of March, whales have accumulated around 130,000 BTC. This suggests that despite the short-term volatility, large Bitcoin holders maintain a long-term bullish outlook on the seasoned crypto token.

Also Read: Bitcoin Price Prediction: As BTC Slides Further, Is A Recovery In Sight?