The recent activity of a prominent Bitcoin whale raises concerns in the market. After a brief pause, they have resumed selling.
Sales Pressure from Major Holders
The blockchain analytics platform Lookonchain reported that two wallets linked to an address that had held Bitcoin for more than eight years moved 1,176 BTC to the Hyperliquid trading platform on Sunday and began selling.
Bitcoin Faces Challenges
The renewed activity comes as Bitcoin struggles to break through key technical barriers. Over the last 24 hours, the cryptocurrency has hovered near $115,500, reaching a high of $116,182 but failing to maintain that level.
Activity from Other Major Wallets
Other dormant wallets have also begun to stir. Last Thursday, a separate address that had held nearly 445 BTC for almost 13 years transferred part of its holdings to the crypto exchange Kraken. These transactions highlight how a handful of investors can influence short-term price movements.
Ongoing sales by significant Bitcoin holders create pressure on the cryptocurrency's value. Long-term holders continue to execute large transactions, which could impact short-term market trends.
