CryptoQuant Analyst: Approximately 8000 Bitcoins, dormant for 5-7 years, have recently been transferred

CryptoQuant analyst Maartunn reported that about 8,000 bitcoins, which have been dormant for five to seven years, were recently transferred. This has intensified the current bearish concerns about cryptocurrencies. It is reported that these bitcoins were transferred in one block, worth up to $674 million. Generally speaking, a large amount of BTC being moved out of long-term dormancy is usually interpreted as a signal of impending selling pressure leading to a significant price correction. However, there are also other non-bearish motives such as institutional investors or whales reorganizing their internal wallets.