Whales mobilized nearly 2,000 BTC, which had been dormant for 11 years, as Bitcoin plunged to 2-year lows. Bitcoin (BTC) has been hit hard by the stock market crash as it plummets into areas that frighten the market.
As explained by CryptoQuant chief Ki Young Ju, amid these dire conditions, whales have moved about 2,000 BTC that have been dormant since August 2011. Young Ju shared a series of new transactions of 500 BTC each from various wallet addresses containing 11 years of BTC movement. This added to the panic already prevailing in the market, as long-term investors often move their holdings when it’s time to sell.
Many analysts say that the panic caused by the FTX event contributed to the bearish market and the poor performance of BTC. Although the positive developments in the latest US CPI data indicate that the FED’s rate hikes will be stopped soon, BTC could not get rid of the chains of the bears and lost 21.68% in value last week.
On the other hand, analysts such as il Capo of Crypto state that Bitcoin may decline to $ 14,000 faster than expected. “Things are about to get even uglier. I’m still 100% out of the market,” Capo said in a tweet on Friday, stating that the drop to $14,000 would happen sooner than the community thought.