Bitcoin (BTC) dived $3,000 into the morning of April 1 as a widely-predicted pullback seemed to accompany fresh moves by major investors.
As revealed by the Whale Shadows indicator, over 11,000 BTC suddenly left its wallet on March 29, having previously sat there for most of a decade.
Whale Shadows, coined by analyst Philip Swift, tracks coins that become active again after spending a considerable amount of time out of circulation.
Tuned to only record when 100 BTC or more leave their long-term wallet, spikes in the metric have previously coincided with what Swift argues are “major highs” in price.
“There was a significant movement on-chain yesterday, with +10k BTC that has not moved for the past 7-10yrs finally moving,” he noted on March 31.
The spike in that age band, described as involving 7-9 year dormant coins on Swift‘s analytics site, LookIntoBitcoin, is one of the two largest ever in Bitcoin‘s history.
The only other time that old coins moved on such a scale was in December 2017 when BTC/USD hit an all-time high that would remain unbeaten for three years.
Discussing the data on Twitter, however, opinions varied considerably over the significance of the latest event.
ℹ️ The massive amount of activated dormant #BTC in the previous posts are possibly linked to the #Cryptsy hack/theft.
— Whale Alert (@whale_alert) March 29, 2022
Swift argued that the funds involved were likely tied to a 2014 hack of cryptocurrency exchange Cryptsy, while others disagreed.
Popular user Nunya Bizniz further noted that the spike had occurred after Bitcoin‘s comedown from its latest $69,000 all-time highs, not before.
Past 3 moved prior to substantial corrections.
— Nunya Bizniz (@Pladizow) March 31, 2022
Why do you think this move is occurring after a substantial correction?
As Cointelegraph previously reported, appetites were keen for Bitcoin to retrace after reaching its highest levels of 2022, gaining as much as 29.4% between its March lows and highs.
Related: Bitcoin just regained a key price trendline after its longest absence since March 2020
Fellow popular trader Pentoshi nonetheless still entertained the potential for a trip over $50,000 next.
For Crypto Ed, however, the outlook was less rosy. Having failed to hold its support zone of around $45,000, in addition to the $46,200 yearly open, Bitcoin now faced a deeper retracement and reentry back into its established trading range.
In case the green box doesn't hold, #BTC will do a full retrace of the previous pump.
— Ed_NL (@Crypto_Ed_NL) March 31, 2022
Just like every other pump in the current cycle....back to the demand zone and bounce. pic.twitter.com/ovGwuJrBSR
Previously, whales on exchange Bitfinex had caught the market‘s attention with a sell wall near current spot prices, one which bulls nonetheless managed to overcome temporarily.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
Supported by Binance Labs and 20+ global investors, Bracket Labs is launching their Liquid Staked DeFi platform in three phases. Phase I, starting 31 July, will allow users to stake LSTs and LRTs into escrow, marking the first step toward full deployment.
CatherinePudgy Penguins' Igloo has raised $11 million to launch Cube Labs and build Abstract, a Layer 2 Ethereum blockchain using advanced zero-knowledge cryptography for fast and cheap transactions. Abstract aims to combine Pudgy Penguins' successful growth strategy with robust technology to make blockchain more accessible and mainstream.
AnaisAuthorities in Kyiv, Ukraine, have arrested four men for allegedly kidnapping and murdering a 29-year-old foreign Bitcoiner for $170,000 worth of BTC. They face potential life imprisonment if convicted.
KikyoCanva's acquisition of Leonardo.ai boosts its AI-powered design capabilities, challenging Adobe's dominance in the creative software market. This move enhances Canva's accessibility and innovation, empowering everyday users to create professional visuals quickly and efficiently.
WeatherlyCysic's Incentivised Testnet Phase 1 and Points System are now live. As a verifier, you can contribute to real ZK projects and start earning points, which will convert into mainnet tokens when the mainnet of the Cysic network goes live in early 2025.
CatherineHoldCoin is a new play-to-earn game that challenges players to hold a button to earn in-game currency, differentiating itself from competitors with its endurance-based gameplay. However, the project raises concerns due to its anonymous team, suspicious social media activity, and potential red flags about its legitimacy and airdrop promises.
JoyTech entrepreneur Avi Schiffmann, known for creating a COVID-19 tracker in 2020, has introduced a $99 AI-powered necklace to combat loneliness. But is it bordering on creepy and concerning, or is it a stroke of creative genius?
KikyoShiba Eternity’s Web3 launch on Shibarium requires LEASH token staking for exclusive access. The game's integration with Shibarium will burn SHIB tokens, potentially increasing SHIB's value and driving up its price.
WeatherlyMovement, a network of modular move-based blockchains, has launched its public testnet, Parthenon, alongside its integration with Polygon's AggLayer. Movement Labs reports $160M in committed TVL ahead of the mainnet launch later this year. Will you join the movement?
CatherineNeiro is a memecoin inspired by a rescue dog and launched on both Solana and Ethereum. The Solana-based Neiro faced suspicions of a rug pull after its developer made $2.85 million, while the Ethereum version has seen rapid growth but also raised concerns about insider control.
Joy