- Dormant Bitcoin whales have made significant transfers.
- The intentions of the whales with their recent movements in the BTC market are unclear.
- BTC has experienced a bearish trend in the last 24 hours.
In a surprising move, a massive whale holding over 1,000 Bitcoin (BTC) that has been inactive for a decade has suddenly transferred 279 BTC. It was worth a whopping $7.8 million at the time of the transfer.
The whale received the BTC in October 2012 and May 2013, at a time when the price of the cryptocurrency was just $12 and $195, respectively.
Another dormant whale made a massive transfer of 2,071.5 BTC, which is currently valued at around $60.7 million, following a period of dormancy lasting approximately 9.3 years. Reports suggest that the whale purchased these BTC tokens on Dec. 19, 2013, when the price of Bitcoin was around $663.
According to the latest weekly data from Glassnode, the Bitcoin network is experiencing increased activity despite the perception that HODLers keep their coins inactive. Daily organic transaction volumes have exceeded 270K. Significantly, it is bringing the network closer to cycle highs on a monthly average.
This means that more and more people are using the Bitcoin network to conduct transactions, rather than just holding onto their coins. It is an encouraging sign for cryptocurrency, as it depicts wider adoption and uses as a means of exchange.
It is currently unclear what the intentions of the Whales are in the BTC market with their recent movements. However, there is no clear indication of what their motives or goals may be.
Recent BTC Status in the Last 24 Hours
Over the past 24 hours, the BTC token has been experiencing a bearish trend, with a 2.53% drop in price resulting in the BTC/USD pair trading at $27,892.26. Additionally, the trading volume of BTC has decreased by 9.54%, currently at approximately $19,869,121,898. Besides, this suggests that the negative sentiment surrounding BTC prices is likely to persist in the coming hours.
A support level of $27,806.29 and a resistance level of $28,586.15 have been established by the bears in the BTC market. The market capitalization has also seen a decline of 2.47% and is currently at $538,968,376,745. Furthermore, the current market dominance of Bitcoin is at 45.85%.
In conclusion, the recent surge in Bitcoin network activity and increased adoption as a means of exchange is a promising development for the cryptocurrency ecosystem.
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