This week, more long-dead BTC was traded than at any point since December 2017, shortly before the $20,000 all-time high.
Bitcoin (BTC) fell $3,000 in the early hours of April 1 as a widely anticipated decline appeared to coincide with new actions by significant speculators.
As indicated by the Whale Shadows indicator, over 11,000 BTC mysteriously departed its wallet on March 29, after spending the better part of a decade there.
Coins that have been dormant since December 2017
The term “Whale Shadows,” created by analyst Philip Swift, refers to coins that resurface after an extended period of inactivity.
Because the statistic is configured to record only when users withdraw 100 BTC or more from their long-term wallet, spikes in the metric have historically coincided with what Swift refers to as “big highs” in price.
“There was huge on-chain activity yesterday, with +10k BTC moving for the first time in 7-10 years,” he said Thursday.
The rise in that age range, which Swift’s analytics site, LookIntoBitcoin, describes as involving 7-9 year dormant coins, is one of the two largest in Bitcoin’s history.
The last time ancient coins moved on this scale was in December 2017 when BTC/USD reached an all-time high that would stand for three years.
Discussing the data on Twitter, however, opinions varied considerably over the significance of the latest event.
ℹ️ The massive amount of activated dormant #BTC in the previous posts are possibly linked to the #Cryptsy hack/theft.
— Whale Alert (@whale_alert) March 29, 2022
Swift contended that the assets were almost certainly connected to a 2014 hack of cryptocurrency exchange Cryptsy, while others disagreed.
Additionally, popular user Nunya Bizniz highlighted that the rise came following Bitcoin’s recent $69,000 all-time high, not before.
Past 3 moved prior to substantial corrections.
Why do you think this move is occurring after a substantial correction?
— Nunya Bizniz (@Pladizow) March 31, 2022
Bitcoin is unable to evade the March Ides
As Cointelegraph previously reported, investors were eager for Bitcoin to retrace its steps after reaching its 2022 highs, gaining as much as 29.4 percent between March lows and highs.
Fellow popular trader Pentoshi, on the other hand, continued to consider the possibility of a subsequent trip exceeding $50,000.
However, the future for Crypto Ed was less favorable. Bitcoin suffered a wider decline and relapse into its established trading range after failing to retain his support zone at $45,000, in addition to the $46,200 yearly open.
"maybe we do a bigger correction first, but I doubt"
Well…..it happened anyway and we're at the box meanwhile pic.twitter.com/CZNFt3bSWq
— Ed_NL (@Crypto_Ed_NL) March 31, 2022
Previously, whales on Bitfinex drew the market’s attention with a sell wall around current spot prices, which bulls temporarily overcame.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.