Hibernation is done – How Bitcoin [BTC] bears, sleeping wallets make a move

• BTC’s price dropped significantly, leading to a drop in market dominance
• Holders have moved their holdings either to cash in on gains or to avoid becoming a wallet victim

Days after conversations about a possible Bitcoin [BTC] the drive to $31,000 gained steam, the crypto price fell sharply. At press time, the royal coin, after registering a 79% year-to-date (YTD) gain, had weakened. It traded at $27,337 on the lists.

Read Bitcoins [BTC] Price prediction 2023-2024

Long time, no sleep

Bitcoin’s recent price drop has led to an increase in activity among previously dormant wallets. In fact, on April 20, Lookonchain reported the reactivation of a nine-year-old wallet.

Then the Twitter-famous pseudonymous on-chain activity tracker revealed that another wallet was doing the same. This time it was a 10-year-old wallet that was transferred to three separate wallets.

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A whale with 1,128 $BTC($31.6 million) which has been dormant for 10 years, transferred on 279 $BTC($7.8 million) to 3 new addresses right now.

The whale got 1,128 $BTC in October 2012 and May 2013, when the prices were $12 and $195. pic.twitter.com/2GM7Oq4e2P

— Lookonchain (@lookonchain) 21 April 2023

While the motive behind these moves remains largely unknown, there is speculation that these holders transferred some of their assets to make a profit. In other circles, some believed the action was a safety measure to avoid wallet draining.

On April 18, an anonymous account informed the crypto community about a pocket-wiping operation that has been going on since 2014. Although the user mentioned that it could not identify the source of the compromise, it advised long-term owners to split their holdings. or moving companies.

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Theft and post-theft on the chain movement are VERY distinct. That is unbelievable. If you’ve been tapped by this attacker, you’ll be gasping as you read this. If you’re not gasping, this isn’t your thief, sorry.

1. Primary theft services are almost always between 10:00 and 16:00 UTC. pic.twitter.com/O7Ph1dkK94

— Tay 💖 (@tayvano_) 18 April 2023

Aside from the possibility of a payout, the leading cryptocurrency has also been marred with one sharp decline in volume. This led to investors expressing concern about the overall health of the market.

In accordance CoinMarketCap, the global crypto market value fell by 2.97% in the last 24 hours. And a prime suspect in this decline is volume, which fell to $44.99 billion – a whopping 14.29% decline over the same period.

Cope with the presence of the reds

The drop in market cap suggested that some smaller-cap assets were outperforming BTC, and most of the broader market was suffering from a lack of liquidity. Consequently, this resulted in a reduction in Bitcoins market dominance.

Meanwhile, Bitcoin supply on exchanges has increased, despite a number of moves to self-storage in the past.

At the time of writing, Santiment’s data revealed that the metric had risen to 1.31 million.

Source: Sentiment

This means that quite a few investors sent their assets to platforms to take profits or count their losses. A scenario like this could lay the foundation for increased selling pressure, especially as stock market exits decrease.

Realistic or not, here it is BTC’s market value in XRP’s terms

In its current state, BTC may find it difficult to break out of the reds that are appearing quickly. Therefore, market participants may have to deal with a potential bearish season.

Interestingly, long position traders are already feel the heat as $43.59 million in such positions were liquidated in the last 24 hours.

Source: Coinglass