According to data provided by crypto analytics firm CryptoQuant, $674 million worth of dormant coins are suddenly on the move.
The thousands of coins that are suddenly in motion had remained untouched for 5 to 7 years.
Meanwhile, the price of the leading cryptocurrency by market capitalization is getting hammered. Earlier this Friday, it reached an intraday low of $83,609, plunging by almost 4%. The bellwether cryptocurrency has nosedived in tandem with U.S. stocks. The flagship S&P 500 index is currently down by more than 2%.
It is unclear whether the movement of the dormant Bitcoins is linked to the ongoing market crash.
As reported by U.Today, another Bitcoin whale recently woke up from hibernation to transfer $250 million in the largest cryptocurrency.
Yesterday, the U.S. government also moved millions of dollars worth of BTC, according to data provided by Arkham Intelligence.
“Sustained accumulation”
According to Glassnode, the Bitcoin supply per whale has been on the rise since March. The firm claims that such a development indicates “sustained accumulation.”
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However, the metric remains below the level that was seen a few months ago. Glassnode believes that there is potentially more room for accumulation.
Overall, major holders seem to be switching back to accumulation mode after adding roughly 129,000 BTC since the start of the month.
Whales appear to be confident in Bitcoin despite the dismal price performance.
