HomeCrypto NewsDormant Wallet Wakes Up, Moves 4000 BTC Two To Three Years Old

Dormant Wallet Wakes Up, Moves 4000 BTC Two To Three Years Old

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Bitcoin investors brace for a potential sell-off.

Crypto analyst and verified CryptoQuant author Maartunn (@JA_Maartun) has disclosed that a previously dormant Bitcoin address has moved 4000 BTC 2 to 3 years old.

While the intent of the unknown entity is unclear, as highlighted by CryptoQuant chief Ki Young Ju in August, the movement of old Bitcoin is usually a bearish signal.

Recall that per a report from The Crypto Basic today, the analyst has warned of an impending market crash as altcoin trading dominance is at 50%. It has often preceded market crashes in the past, as highlighted by Maartunn. Notably, it was the case at the beginning of November, just before the FTX-induced market collapse.

The analyst corroborated his analysis by sharing a different analysis from Material Scientist (@Mtrl_Scientist), which showed a spike in market optimism that historically precedes price drops.

“bear is here,” Material Scientist asserted.

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Notably, Santiment Feed echoed the same sentiments in a tweet today. According to the crypto analytics platform, the latest altcoin rally has led to widespread bullish sentiment on social media. However, the firm opined that it is a reason for investors to tread carefully.

Recall that Bitcoin stock-to-flow model creator PlanB yesterday claimed that Bitcoin is “weak,” sharing a relative strength index chart with a rating of 40.

Bitcoin is exchanging hands for $16,829.99 at press time, down 0.07% in the last 24 hours after 3 days of consecutive gains.

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Ammara
Ammarahttps://thecryptobasic.com/
Ammara Mubin is a cryptocurrency reporter and trader with vast experience in the industry. Mubin has written several news stories related to the crypto industry, including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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