The current Bitcoin price outlook has triggered a resurgence of whales with more than a year in dormancy. According to new insights from CryptoQuant Analyst J.A. Maartunn, a Bitcoin whale that has been dormant for over seven years has reemerged. This comes as the BTC price has sustained its downtrend below the $70,000 level.
Bitcoin whale with Cumberland ties
According to the analyst, a dormant whale just moved 2,043 Bitcoin to an unknown location. As showcased, the whale bought the Bitcoin stash they are moving back on Feb. 19, 2019
In the early days, the wallet had 39,000 BTC, a stash it originally received from Cumberland through the OTC trading desk.
Providing more context to this wallet’s analysis, data service outlet Sani added that the wallet’s 2,113.87 from seven years ago and 757.787 from two years both came from Cumberland. The analyst said the wallet owner consolidated these assets in the same transaction with other minor transactions into two other addresses.
Bitcoin whales in dormancy are known to spring back to life either when the market is underperforming or outperforming. This current reemergence comes as the Bitcoin price has shed more than 11.7% in the trailing seven-day period to $69,048
Is Bitcoin at risk of a sell-off?
The current Bitcoin transfer has triggered a new conversation surrounding sell-offs. Even though the destination address is not specified, chances are high that the whale may be offloading.
Bitcoin has battled massive sell-offs in recent times as both miners and top ETF issuers dumped the coin. As reported earlier by U.Today, BlackRock, the biggest ETF issuer, has sold billions in Bitcoin since the start of the year.
Although the sell-offs appear to be overshadowing sentiment, there is a targeted accumulation by some BTC proponents, helping to drive the current consolidation. Earlier this week, Michael Saylor’s Strategy bought more Bitcoin, increasing its stash to 713,502 BTC.
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