Big Bitcoin BTC/USD holders have made a flurry of transfers from their dormant wallets over the past week, some of which had been inactive for more than a decade.
What Happened: One such address transferred 6,071 BTC after just over a 9-year gap, while two other whale addresses separately transferred more than 1,000 BTC each. The total transfer summed up to $225 million.
Typically, this kind of activity is associated with an increase in the cryptocurrency’s price. However, it is possible that these large holders transferred their BTC to cash out at current prices, anticipating a bear market in the days ahead.
See More: Top Indian Apps That Give Bitcoin, NFT Rewards
On-chain data suggests that BTC investors who have held the asset for five months are currently experiencing losses, though a recovery period is expected.
Price Action: At the time of publication Tuesday, BTC was trading at $27,327.11, up 0.27% in the past 24 hours, according to Benzinga Pro.
Read More: Bitcoin, Ethereum, Dogecoin Decline Prior To FOMC Meeting: Analyst Foresees Deja Vu, Expects Apex Crypto To Reach $30K Soon
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