- During the recent significant market increase, there is an ‘elderly whale’ revival similar to the trends seen in the 2021 bull market.
- Analyst data examination also points to two major panic sell-offs involving 2200 and 3741 BTC.
- A few weeks ago, three Bitcoin whale addresses transferred a total of 6,500 Bitcoins worth around $230 million to new wallets.
The recent revival in the cryptocurrency market is similar to a trend in 2021: Current research!
Current Trends in Bitcoin Resemble 2021
During the recent significant market increase, there is an ‘elderly whale’ revival similar to the trends seen in the 2021 bull market. A transaction recently observed by CryptoQuant analyst ‘Maartun’ involved 1000 Bitcoins that had been inactive for over ten years and represented a transaction dated December 5.
A decade is a broad timeframe that has always ignited community discussions whenever wallets holding such old BTC are activated. Often, coins become dormant due to loss and remain inactive forever. Some may be forgotten rather than lost and can resurface. In such cases, the finder, whether the original owner or not, can sell immediately for a profit or wait for the right market time to unload the Bitcoin.
Interestingly, this is not part of more than 13 similar transactions identified by the analyst in recent months. These transactions occur amidst positive news about the introduction of a potential ETF fueling the bullish trend in Bitcoin. This pattern resembles a trend seen in the 2021 bull market when Bitcoin’s price was rising. It seems the current market is experiencing a similar stage.
The analyst’s data examination also points to two major panic sell-offs involving 2200 and 3741 BTC. These transactions occurred during a significant decline in Bitcoin’s value and indicate a relationship between old BTC movements during challenging times and market sensitivity.
In recent weeks, several Bitcoin wallet addresses have become active after years of inactivity. On November 30, an inactive whale moved its entire 3,623 BTC worth $137 million to two new wallets. A few weeks ago, three Bitcoin whale addresses transferred a total of 6,500 Bitcoins worth around $230 million to new wallets.
Bitcoin Whales Transitioning to ‘Risky Mode’
In addition to mysterious wallet movements from inactive addresses, whales, in general, have been accumulating since August. Ki Young Ju, the founder and CEO of CryptoQuant, mentioned that Bitcoin whales are entering a ‘risky mode’ by showing bullish market sensitivity, especially by transferring BTC to derivative exchanges when BTC is at $29,000.
The executive emphasized that many whales transferred Bitcoin to derivative trading platforms during the same period when BTC entered a cyclical bottom and during the November 2022 crash of the FTX crypto exchange.
