Bitcoin Drops Below $116K After Whales Move $3.78B in Long-Held Coins
A new wave of activity among Bitcoin (BTC) whales has caught the attention of analysts. According to on-chain data from CryptoQuant, approximately 31,968 BTC—worth around $3.78 billion—have been moved from wallets that have been dormant for 3 to 5 years.
Dormant Coins and Market Turning Points
This transfer is particularly notable because the coins had not been inactive for a decade or longer, but rather a few years—suggesting these holders may be reassessing risk or preparing to sell.
CryptoQuant notes that similar dormant Bitcoin movements in January, March, June, July, and December 2024coincided with price turning points. For example, a large transfer of 33,803 BTC in January 2024 occurred near a market bottom. Conversely, the June movement contributed to increased selling pressure during a broader downtrend.
This history has led to speculation that the latest whale movements could again precede a significant shift in Bitcoin’s price—though whether that shift will be upward or downward remains uncertain.
BTC Faces Rejection at $121.5K
At the time of writing, Bitcoin is trading at $115,298, down 2.52% in the past 24 hours. Earlier in the day, it reached a high of $118,595 before facing resistance at $121,500, triggering stop-loss orders and accelerating the decline.
Despite the drop, trading volume remains strong, up 40.76% to $64.04 billion. Bitcoin’s correlation with broader risk assets is also resurfacing, and upcoming remarks from Federal Reserve Chair Jerome Powell may influence the next market move.
