In a piece of seemingly negative news for Bitcoin, On-Chain Data shows that more than 5 thousand BTC have just been transferred after 7-10 years of “immobility”. Nearly $100 million worth of 7-10-year-old BTC has been moved. A CryptoQuant analyst said that the movement of any dormant BTC marks a bearish trend of the market.
“spent output age bands”, an indicator that provides information on the trading behavior of groups holding coins of different ages in the Bitcoin market.
This event happened to a group of coins aged 7-10, including all coins that were moved after being held for a long time.
However, Bitcoin traders should also note that this huge amount of Bitcoin has not yet been transferred to exchanges for sale. Therefore, an accurate prediction of the impact of this event on the cryptocurrency market at the present time is difficult to make.