South Korea-based on-chain analytics company CryptoQuant has been dormant for 7 to 10 years in a post on Twitter today. Bitcoin (BTC) He said his wallets are starting to become active.
CryptoQuant stated in its article that 5,000 Bitcoins were transferred from the wallet that has been inactive for 7 or 10 years.
moved BTC Although the number of transfers is small compared to other transfers, it was stated in the article that this transaction is important for the market.
CryptoQuant This move could lead to further declines or consolidation, his analyst said.
The analyst who wrote the article said:
“Why is this transaction important to the market? This is not the first time such a transaction has occurred this year. A lot of BTC was moved during the year.
However, whenever such long-inactive cryptocurrencies moved during the year, Bitcoin generally saw a bearish trend.
The current environment is similar to that in May. But what is different is that Bitcoins were not sent to exchanges.
At this point, it is difficult to say what effect the moving Bitcoins will have on the market.
It’s certainly not a bullish sign, but I’m not sure if we’ll see further declines or May-like consolidation.”
7y ~ 10y old Bitcoin on the move🤔
” It is definitely not a bullish sign, but..”
by @JA_MaartunRead More👇https://t.co/Wzbt26LUbS pic.twitter.com/N4DVCHCiEC
— CryptoQuant.com (@cryptoquant_com) August 29, 2022
Continuing to decline after Fed Chairman Jerome Powell’s statements on Friday bitcoinIt continues to trade at $19,845, down 1% in the last 24 hours, according to CoinGecko data.
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