While Bitcoin has experienced a 15% drop in value since the approval of spot ETFs, a noteworthy trend is capturing investor attention: dormant Bitcoin whales, inactive for years, are suddenly reactivating their portfolios through significant transfers.
Whales Making Waves Despite the approval of ETFs, Bitcoin’s price has continued to hover below the $43,000 mark, raising concerns about the asset’s transition into the highly anticipated 2024 bull run. Nevertheless, for many, this downturn is seen as an essential part of the journey leading BTC to new highs in 2024.
On another note, a striking development is catching the eye of crypto enthusiasts: Bitcoin whales are resurfacing in the market after years of inactivity. In one instance, a whale transferred 44,800 BTC, equivalent to $2 billion, to new wallets. Arkham Intelligence reported that these coins had not moved since 2019.
$2 BILLION of dormant Bitcoin moved just before US market open today, across several linked addresses.
The BTC had moved once in 2019, and before that had been dormant since 2013. pic.twitter.com/xD4frjzQuP
— Arkham (@ArkhamIntel) January 16, 2024
Another whale, identified by CryptoQuant, moved 49,866 Bitcoins that had remained inactive for 5 to 7 years. The firm highlighted the significance of this transfer, emphasizing that “this volume of 49,866 has not been sent to the exchange.” However, it cautioned investors to exercise caution as these Bitcoins were purchased at an average price of $6,672.
Implications for Bitcoin’s Price If these BTC movements translate into selling pressure, it could have a short-term negative impact on Bitcoin. Otherwise, analysts continue to predict a trading range for the asset in the coming days. Analyst Daan of Trades recently stated in a post on X:
“After last week’s decline, BTC is content to fluctuate and confuse investors. I am not in a hurry to take action, and I am content to wait for clear opportunities.”
This observation is echoed by crypto analyst Tony, who believes that Bitcoin is likely to continue trading within a price range of $47,000 to $38,000 in the coming months.
I expect Bitcoin to range between $47,000 and $38,000 over the next few months. More attention to #Altcoins to come pic.twitter.com/ws627ceCHH
— Crypto Tony (@CryptoTony__) January 17, 2024
