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Bitcoin

8,000 Dormant Bitcoin Suddenly Move: What’s Next For The Market?

Semilore Faleti
by Semilore Faleti
5 months ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Popular CryptoQuant analyst Maartunn reports that 8,000 Bitcoin (BTC) which have been dormant for five to seven years have been moved suddenly, adding to current bearish concerns in the crypto. This development comes after a rather adventurous week as BTC prices struggled to break above $89,000, following an initial steady bullish climb, before succumbing to heavy selling pressures driven by US President Donald Trump’s hawkish tariff policy.

Related Reading: Bitcoin Reserve Bill Gains Urgency As US Senator Calls For August Vote

$674 Million In Old BTC Transfers In Single Block – Cause For Alarm?

The Spent Output Age Bands is a crucial metric to measure how long Bitcoin tokens remain inactive before moving. According to Maartuun in an X post, this metric has recently revealed that 8,000 BTC worth $674 million that was last transferred between 2018 and 2020 have been moved recently in a single block drawing significant market attention.

This transfer follows a string of recent activations of dormant Bitcoin stashes. On March 24, a 14-year inactive Bitcoin wallet suddenly moved 100 Bitcoin valued at $8.5 million. Meanwhile, in early March, six ancient Bitcoin wallets also transferred nearly 250 BTC worth $22 million.

Bitcoin
Source: @JA_Maartun on X

Notably, the most recent transaction reported by Maartuun is of far larger size with potentially strong implications for an uncertain Bitcoin market. Generally, a movement of such a large amount of BTC from long-term dormancy is usually interpreted as a signal for incoming selling pressure leading to major price corrections.

However, there are other potential non-bearish motives behind such transactions such as internal wallet shuffling by institutional investors or large holders as well as a cold storage reorganization. Currently, the owners of the new wallets receiving the 8000 is unknown thus reducing the potential of a bearish reaction from BTC holders.

Related Reading: Analyst Reveals Bullishness On Ethereum Price At This Point, Can It Hit $4,000 Again?

Bitcoin Price Overview

In the last day, Bitcoin prices declined by 4.00% after the US Government announced intentions to impose a 25% tariff on auto imports and goods from China, Mexico, and Canada starting from April 3. This marks the latest negative reaction of the crypto market to President Trump’s international trade policies following similar incidents in early February and mid-March.

These measures by the Donald Trump administration are flaming fears of a potential economic slowdown which could further push high-risk assets such as BTC out of investors’ portfolios leading to a further downside.

At press time, Bitcoin currently trades at $83,693 reflecting a decline of 0.72% and 2.53% in the last seven and 30 days respectively. Meanwhile, the asset’s daily trading volume is up by 19.38% and is valued at $31.58 billion. The BTC market cap now stands at $1.66 trillion and still represents a dominant 61.1% of the total crypto market.

Bitcoin

BTC trading at $83,727 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Bitbo, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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