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- Two dormant Bitcoin wallets have recently become active, selling over $60 million worth of Bitcoins.
- This significant move coincides with a decline in key on-chain metrics and a heightened level of greed in the Bitcoin market.
- Bitcoin is currently trading at around $61,100, but a potential price reversal could be on the horizon.
Two dormant Bitcoin wallets have recently sold over $60 million worth of Bitcoins, coinciding with a decline in key on-chain metrics and a heightened level of greed in the Bitcoin market. This article explores the potential implications of these developments on the Bitcoin market.
Dormant Bitcoin Wallets Sell Over $60 Million Worth of Bitcoins
Recent data from Lookonchain revealed that two Bitcoin wallets, which have been dormant for nearly 11 years, have recently become active. These wallets, each containing 500 BTC, sold their entire holdings. The BTC was priced at $124 when they were purchased years ago, bringing each wallet’s value to approximately $62,000. With the current Bitcoin price, the wallets sold their holdings for over $30 million each, totaling approximately $60.9 million.
Decline in Key Bitcoin Metrics
According to Santiment data, Bitcoin has experienced significant declines in daily active addresses, transaction volume, and whale transactions. These metrics saw significant declines following their peaks in February and are currently approaching historic lows. As of this writing, daily active addresses have decreased to around 545,000, transaction volume has fallen to approximately 495,000, and whale transactions have reduced to around 26,500.
Greed Dominates the Bitcoin Sentiment
According to the Bitcoin Fear and Greed Index, BTC was currently in the Greed zone at the time of this writing. The analysis of the Index revealed that BTC had a score of 56, indicating a sentiment of greed among investors. This suggests that more people were entering the BTC market to capitalize on potential profits. However, given the decline in key metrics that BTC was experiencing, and the recent sell-off witnessed, this could lead to a price decline.
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Bitcoin Price Update
AMBCrypto’s analysis of the Bitcoin daily timeframe price trend revealed that it was trading at around $61,100, representing a less than 1% increase at this time. This slight uptick followed its previous trading session in the $60,000 price zone. However, examining the stochastic indicator indicated a potential price reversal on the horizon.
Conclusion
The recent sell-off by two dormant Bitcoin wallets, the decline in key on-chain metrics, and the current sentiment of greed in the Bitcoin market could potentially lead to a price decline. Investors should keep a close eye on these developments and tread cautiously in the Bitcoin market.
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