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- Inactive Bitcoin whales have executed notable transfers.
- The motives behind the whales’ recent actions in the BTC market remain uncertain.
- BTC has faced a downward trend in the past 24 hours.
In an unexpected development, a significant whale that has held over 1,000 Bitcoin (BTC) without activity for ten years has recently moved 279 BTC, valued at approximately $7.8 million at the time of the transaction.
This whale acquired the BTC in October 2012 and May 2013, when the cryptocurrency was priced at merely $12 and $195, respectively.
A whale with 1,128 $BTC($31.6M) that has been dormant for 10 years transferred 279 $BTC($7.8M) to 3 new addresses just now.
The whale received 1,128 $BTC in October 2012 and May 2013, when prices were $12 and $195.https://t.co/2MxnVzcEMl pic.twitter.com/2GM7Oq4e2P— Lookonchain (@lookonchain) April 21, 2023
Another inactive whale executed a substantial transfer of 2,071.5 BTC, currently valued at around $60.7 million, after being dormant for approximately 9.3 years. Reports indicate that this whale acquired these BTC tokens on December 19, 2013, when Bitcoin was priced around $663.
Recent weekly data from Glassnode reveals that the Bitcoin network is witnessing heightened activity, despite the common belief that HODLers are keeping their coins inactive. Daily organic transaction volumes have surpassed 270K, bringing the network closer to monthly cycle highs.
This indicates that an increasing number of users are engaging with the Bitcoin network for transactions rather than merely holding their assets. This trend is a positive indicator for the cryptocurrency sector, as it reflects broader adoption and utilization as a medium of exchange.
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The intentions of the whales in the BTC market regarding their recent transactions remain ambiguous. However, there is no definitive insight into their motives or objectives.
Recent BTC Status in the Last 24 Hours
In the last 24 hours, the BTC token has been on a downward trajectory, with a 2.53% decrease in price, resulting in the BTC/USD pair trading at $27,892.26. Furthermore, the trading volume of BTC has fallen by 9.54%, currently estimated at around $19,869,121,898. This suggests that the negative sentiment surrounding BTC prices may continue in the near term.
A support level of $27,806.29 and a resistance level of $28,586.15 have been established by bearish trends in the BTC market. The market capitalization has also declined by 2.47%, now standing at $538,968,376,745. Additionally, Bitcoin’s current market dominance is at 45.85%.
BTC/USD 24-hour price chart (source: CoinMarketCap)
In summary, the recent increase in Bitcoin network activity and growing adoption as a transactional medium represents a favorable development for the cryptocurrency landscape.
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