According to a recent article on Bloomberg, a large number of Bitcoin (BTC) wallets that have remained dormant for the past few months have seen a massive surge in their overall activity over the past 30 days or so— thus signalling that we could be in for some major market movement in the coming few days.
The aforementioned report is based on data obtained from Flipside Crypto (an analytics firm) and has been attested by Coinbase, one of the world’s largest cryptocurrency exchange platforms.
More on the Matter
As per the folks over at Flipside, a large number of inactive BTC holders have recently started to move their digital holdings (over the course of the past month or so) across various platforms. To be even more specific, these individuals account for around 60 percent of BTCs total circulating supply at the moment.
In regards to the matter, Eric Stone, head of data science at Flipside, was quoted as saying:
“It’s definitely a big shift. There’s more potential than usual for price swings.”
In addition to all this, it is also worth remembering that similar action was also recorded prior to BTC’s major monetary upswing in 2015 and 2017 ( a time when the premier altcoin scaled up to a mammoth price point of $20K).
Other Details Worth Pointing Out
According to Flipside CEO David Balter, many long time BTC owners who have remained inactive for some time are the ones responsible for this latest movement. He also added:
“Despite these individuals staying idle for so long, we have no reason to expect them to remain stagnant for another 2-plus years.”
As many of our regular readers may remember, just last month blockchain research firm Chainalysis released a study wherein it showed that the world’s 32 largest Bitcoin wallets currently account for a whopping 1 million tokens of the global BTC supply(which is estimated to be around $3.7 billion).
Not only that, the company’s data also points to the fact that many of these so-called whales (1/3rd of them) are actually active traders, who have “net traded against the herd, buying on price declines.”