On March 30, CryptoQuant analyst Maartunn reported that approximately 8,000 BTC that had been dormant for five to seven years were recently transferred, intensifying current bearish concerns about cryptocurrency. These BTC were reportedly moved in a single block, with a value reaching $674 million.
Generally, a large amount of BTC being transferred from a long-term dormant state is usually interpreted as a signal of imminent selling pressure that could lead to a significant price pullback. However, there may be other non-bearish motivations, such as institutional investors or whale wallet reorganization.