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Two wallets sell over $60 million worth of BTCs.
Key metrics have declined recently.
As a researcher with extensive experience in the cryptocurrency market, I find the recent activities surrounding two Bitcoin wallets selling over $60 million worth of BTC intriguing. The fact that these wallets, which had been dormant for nearly 11 years, have suddenly become active raises several questions.
Lately, two dormant Bitcoin [BTC] wallets, last active many years ago, have suddenly come to life, moving all their stored Bitcoins.
The action taking place aligns with a decrease in significant on-chain indicators for Bitcoin, coupled with elevated feelings of greed among market participants.
Bitcoin wallets rake in millions of dollars in gains
New information from Lookonchain indicates that two Bitcoin wallets, previously inactive for approximately eleven years, have recently shown signs of activity. Each of these wallets held roughly 500 Bitcoins, and they have since completely liquidated their assets.
Years ago, Bitcoin cost around $124 per token when it was bought. This means that each wallet holding those tokens is now worth approximately $62,000.
As a financial analyst, I’d rephrase that statement as follows: The recent sale of Bitcoins from the wallets fetched over $30 million per transaction, amounting to a grand total of around $60.9 million.
As an analyst, I can’t help but wonder if this notable action could potentially elicit responses from some essential on-chain indicators that have lately shown a downward trend.
Bitcoin key metrics declines
Based on Santiment’s findings, the number of daily active addresses, transaction volume, and large-scale transactions involving Bitcoin have seen noticeable decreases.
As a crypto investor, I’ve noticed that the data I’ve been closely monitoring took a downturn after reaching their highest points in February. Now, these metrics are edging closer to all-time lows.
Around the last week of April, we observed over 815,000 daily active addresses, a transaction volume of more than 1.5 million, and approximately 73,500 whale transactions.
At present, the number of daily active addresses hovers around 545,000, transaction volume amounts to roughly 495,000, and there are approximately 26,500 whale transactions taking place.
Greed dominates the Bitcoin sentiment
As a Bitcoin analyst, I’d observe that, based on the Bitcoin Fear and Greed Index, the crypto was presently exhibiting signs of Greed when I penned down these words.
Based on the Index analysis, a greedy sentiment was detected among Bitcoin (BTC) investors with a score of 56. This implies an increase in the number of individuals joining the BTC market in pursuit of potential gains.
As an analyst, I’ve noticed a troubling trend in Bitcoin’s (BTC) performance lately. The downward spiral in critical indicators, coupled with the recent massive sell-offs, raises concerns about a potential further price decrease.
BTC stays above 60,000 for now
As a researcher studying the Bitcoin market, I observed that the cryptocurrency’s daily price trend on AMBCrypto showed it hovering around the $61,100 mark. This represented a minimal growth of approximately 1%.
Read Bitcoin’s [BTC] Price Prediction 2024-25
After a mild increase during the last trading session around the $60,000 mark, the stochastic indicator suggested that a price change could be imminent.
Normally, a shift in the color of the line on the indicator chart, be it blue or red, may indicate an upcoming change in price trend.
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2024-05-13 08:08