5000 BTC Moved For the First Time in Over 7 Years: Analyst Explains Its Significance to Market Trend

A movement of 5,000 BTC has been spotted and reported by the crypto analytics platform, CryptoQuant. This massive movement of BTC called for attention due to the number of years it has spent sitting in a single Bitcoin wallet.

According to the analytics firm, the whopping amount of Bitcoin (BTC) on the move has been dormant for 7 or 10 years, stressing that the sudden movement of the stashed BTC is not good for the market in general.

Read Also: Two Dormant Bitcoin Addresses Containing 100 BTC worth $8 in 2010 Just Moved After 12.4 Years

Not a Bullish Signal for Bitcoin (BTC)

According to CryptoQuant, such a transaction is common this year and the price of Bitcoin received a massive blow each time.

It’s mentioned in the analysis that 10,328 BTC were moved from a dormant Bitcoin address on the 29th of March 2022. At that time, the digital asset was trading at around $47,700. The BTC price correction that followed the whopping transaction proved its negative effect on the market trend.

The latest 5,000 BTC that was moved recently was compared to the 2,800 BTC moved in May 2022. The firm said what differentiates the two transactions is that the latest one has not been moved to a crypto exchange for a potential selloff.

Read Also: A Dormant Bitcoin Address Containing 489 BTC worth $50 in 2010 Just Moved After 11.4 Years

According to Maartunn, a trader and community manager at CryptoQuant, although it’s difficult to say what impact it will have on the market, it’s definitely not a bullish sign. He’s also not certain if a downside or just a consolidation will follow the massive whale transaction.

At the time of filing this report, Bitcoin (BTC) is trading at $20,046, with a relatively 5% price upsurge in the last 24 hours, according to CoinMarketCap.

---

Follow us on Twitter, Facebook, Telegram, and Google News