Sleeping Bitcoin Giants Wake Up: Pattern Mirrors 2021 Bull Run
On-chain data is showing that dormant Bitcoin whales, who have not moved their coins in over a decade, are becoming active again in a way that is reminiscent of the 2021 bull run. These long-dormant coins are often considered lost or forgotten about, but when they are rediscovered, they can be sold or held for a more opportune time. Analysis of the past few years shows that during the previous bull run, many of these dormant coins were moved, and some instances coincided with price bottoms. Recently, there has been a resurgence in activity from these dormant whales, with over 13 similar transactions in the past few months. This increase in activity may be due to the current uptrend in Bitcoin, driven by news about the emerging ETF. The price of Bitcoin is currently around $42,400, up 13% in the past week.
