The movement of more than $1.7 billion in “dormant” Bitcoin could lead to downward pressure on Bitcoin in the coming weeks, according to an onchain analyst.
A recent $1.7 billion shift of “dormant” Bitcoin could lead to increased selling pressure in the crypto market, according to an on-chain Bitcoin analyst.
In an Aug. 13 post to CryptoQuant, pseudonymous trader XBTManager wrote that a total of 29,206 Bitcoin (BTC) that had been laying dormant for up to three years had been transferred on-chain between Aug. 11 and Aug. 12.
XBT shared that 18,536 BTC that had been inactive for 2-3 years were shifted on Aug. 11 and created noticeable pressure on the price of Bitcoin. An additional 5,684 BTC that had been inactive for 3-6 months were also moved a few hours later.
