$1.7B Dormant Bitcoin Movement Sparks Market Concerns

<h1 class="d-none">$1.7B Dormant Bitcoin Shift May Lead to Market Sell-Off</h1> <h2 class="d-none">Dormant Bitcoin Movement Could Spark Price Decline</h2> $1.7B Dormant Bitcoin Shift May Lead to Market Sell-Off

$1.7B in dormant Bitcoin moved, potentially increasing market sell pressure amid low liquidity, warns on-chain analyst XBTManager.

29,206 BTC, inactive for up to 3 years, moved on Aug. 11-12, possibly driving downward Bitcoin price pressure in the short term.

IG's Tony Sycamore remains bullish, citing improved risk sentiment and lower US yields, predicting Bitcoin could reach $70,000 soon.

Glassnode notes market uncertainty but sees early signs of a HODLing trend among large Bitcoin wallets, often linked to ETFs.

Bitcoin's March all-time high led to widespread "supply distribution," but large wallets now show signs of accumulation.

Overall, on-chain data suggests a strong conviction among Bitcoin holders despite recent market volatility, indicating potential stability.

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