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The community is rather concerned about the current price fluctuations of Bitcoin (BTC). Recent developments in the Bitcoin space suggest that a sell-off from a dormant whale(s) might occur soon. According to CryptoQuant, a leading on-chain analytics platform, there is a massive shift in dormant BTC.
Dormant Bitcoin awakens after 10 years
CryptoQuant noted that the dormant Bitcoin, totaling 14,000 BTC, has been inactive for seven to ten years.
Analysts say, given the long duration that the coins have been sitting untouched in wallets, it could belong to early adopters. Some suggest it could also belong to miners or a lost wallet that was recently recovered.
Alex DovbnyaNotably, the 14,000 BTC have not been transferred to any cryptocurrency exchange. This is unlike the $642 million worth of BTC that hit Kraken recently. This indicates that the owner is not likely to sell them off immediately.
Market observers argue that selling such volume could impact the value of Bitcoin on the broader market. It could further dampen sentiment that might fuel additional drawdown for BTC. Notably, the price of Bitcoin has been struggling to regain its $100,000 level.
Despite no signal of immediate sale, the movement remains a concern to investors. If the whale changes their mind and decides to transfer it to an exchange, this could affect the market price.
Bitcoin accumulation continues amid market fears
As of this writing, the Bitcoin price was trading up by 1.24% at $97,454.85. Meanwhile, trading volume has soared by 66.10% to $38.79 billion.
Godfrey BenjaminDespite ongoing price fluctuations, this signals strong investor confidence in the leading digital currency. Notably, Bitcoin had plunged to a low of $94,855 within the last 24 hours before posting a rebound on the market.
Investors like Robert Kiyosaki continue to accumulate the asset at every opportunity open to them. Kiyosaki recently informed his followers that his investment in Bitcoin was because the asset is much safer than fiat currency.
Denys Serhiichuk
Yuri Molchan
Dan Burgin
Vladislav Sopov