According to a Whale Analyst platform, On-Chain data, the hold Whale had suddenly moved its assets after leaving the coin dormant since 2012. The large BTC holder had accumulated the currency when it was of low value and suddenly revisited it today, after a decade.
Whale Moves 3,700 BTC From Wallet After A Decade
On-Chain alleged that the 3,700 stacks of BTC that have been left untouched for a decade were suddenly moved today. The BTC has been accumulated by the whale since 2011 when the coin was still trading at $10. The transfer was tracked by an indicator, Spent Output Age Bands (SOAB), which tracks the influx of BTC in and out of the market. SOAB indicators work by grouping dormant coins into age bands or those inactive periods.
A 7m-13m age band includes all currencies that have been inactive for seven to thirteen months. With time, the coins keep moving into different and older bands, till the coins are transferred or moved from the wallet address. A technical analysis of the seven to ten-year age bands suddenly recorded a spike in the past few days. A total of 3,700 bitcoin were transferred/moved from their original address. by whales after 10 years.
Sudden Dump: Possible Signs Of More Bears
Although, the spike in BTC transfer may be a signal of a more bearish end drop in the value of the coin in the crypto markets. Possibly, it depicts that the whale has sold off its BTC holdings, which may be an indication of a price bear. The sale of the coin received comments from crypto analysts, as such incidents only happen when there is a price bull.
A CryptoQuant writer alleged that the BTC stack owner just recovered or regained access to its wallet. During the past decade, the BTC has witnessed many situations in the market, from the high bear/bull markets to Blocksize wars, liquidity, and crash.
Although, there is a possibility that the transfer was not a dump of BTC, maybe just a change of wallet address that had been in the market untouched for over 10 years. According to CoinMarketCap, BTC currently trades below $17,000, a 2% decline in the past 24 hours.
