Sleeping Giant Whales Awaken: Is Bitcoin At Risk?

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Bitcoin price dropped for three consecutive days last week. In addition, whales that had been dormant for a long time became active again. This trend is generally associated with the price action of the asset. This situation is generally interpreted as the tendency of whales to sell before the bear market. However, the BTC price is still at the highest level in the last 12 months, causing bear market forecasts to rise.

For long-term Bitcoin holders, the SOPR metric shows high confidence in the price increase. On-chain data shows that BTC investors holding for 5 months are currently making losses, but a recovery period has followed. Overall, this bodes well for the long term, despite the potential for volatility in the short term.

Bitcoin Whales Awaken

Koinfinans.com As we reported, in the past week at least three major whale addresses have made major transfers, effectively activating addresses after 10 years in separate transactions. One such address recorded a transfer of 6,071 BTC after a long 9.3-year hiatus. Similarly, two other whale addresses have individually transferred over 1,000 BTC, even though the Bitcoin price continued its sideways movement after a steady decline. Finally, Whale Alert has the following on the subject: noted.

“A dormant address containing 1,000 BTC ($27,456,958) has been activated after 12.0 years!”

Interestingly, several Ethereum (ETH) and XRP whale transactions were also recorded.

You can follow the current price action here.


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