Bitcoin Movement Sparks Concerns Amid Bearish Sentiment

According to PANews, a report by CryptoQuant analyst Maartunn reveals that approximately 8,000 bitcoins, dormant for five to seven years, have recently been transferred, intensifying bearish concerns in the cryptocurrency market. These bitcoins, valued at $674 million, were moved in a single block. This event follows a series of activations of idle bitcoin wallets. On March 24, a bitcoin wallet inactive for 14 years suddenly transferred 100 bitcoins, worth $8.5 million. Earlier in March, six ancient bitcoin wallets moved nearly 250 bitcoins, valued at $22 million. Typically, the transfer of a large amount of BTC from long-term dormancy is interpreted as a signal of impending selling pressure, potentially leading to significant price corrections. However, there are other non-bearish motivations behind such transactions, such as internal wallet reorganization by institutional investors or large holders, as well as cold storage restructuring.