Although the price of Bitcoin fell for three days in a row last week, the tracker did not find any BTC wallets that had been inactive for a long time reactivated. Generally, this trend is associated with a corresponding surge in price for the asset.
However, this can also be seen through a different perspective that 'whales' are trying to cash out at the current price in anticipation of a price drop in the next few days. Nevertheless, the price of BTC is still at its highest level in the last 12 months and therefore the case of a bear run may also be justified.
Meanwhile, the Spent Output Profit Ratio (SOPR) for long-term Bitcoin holders shows high confidence in the price increase. Chain data shows that BTC investors who have been holding for 5 months are now experiencing realized losses but what follows is a recovery period. Overall, this bodes well for the long term, although there is potential for volatility in the short term.
Over the past week, at least three whale addresses have made mass transfers, activating those addresses after 10 years, in separate transactions.
Such an address recorded a transfer of 6,071 BTC after a long gap of 9.3 years. Likewise, two other whale addresses moved over 1,000 BTC separately, although the price of Bitcoin maintained a sideways movement after a consistent decline.
“An inactive address containing 1,000 BTC ($27,456,958) has just been activated after 12 years!” Interestingly, several Ethereum (ETH) and XRP whale transactions were also registered at the same time.
Bitcoin price is currently trading at a price level of $27,392.80 at the time of writing.
