According to CryptoQuant analyst Maartunn, the recent transfer of 8,000 dormant bitcoins valued at $674 million may signal potential selling pressure in the cryptocurrency market.
CryptoQuant analyst Maartunn reported the transfer of approximately 8,000 bitcoins, dormant for five to seven years, valued at $674 million. This event has raised bearish concerns about the cryptocurrency market, as large BTC transfers from long-term dormancy often indicate potential selling pressure. Notably, this transfer follows previous activations of dormant wallets, including a 100 Bitcoin transfer from a wallet inactive for 14 years and nearly 250 Bitcoin from six old wallets in early March.