• Large BTC addresses showed uncertainty amid market correction.
• Retail interest declined as whales made significant moves.

As Bitcoin’s [BTC] price rose to new heights, positive sentiment around the king coin grew significantly.

However, in the last few days, the bullish sentiment around Bitcoin slightly fell as the price of BTC fell below the $70,000 mark.

Whale makes big moves

However, a large Bitcoin address showed signs of uncertainty in response to a recent market correction.

Data revealed that a substantial amount of Bitcoin, totaling 16,003 BTC, with an age ranging between 5–7 years, had been moved on-chain by a significant whale.

The movement of long-dormant Bitcoin suggests increased activity by large holders.

This could indicate a variety of actions, including profit-taking, portfolio rebalancing, or strategic positioning in response to market dynamics.

Looking at the larger picture

Given the considerable size of these BTC holdings, the behavior of the addresses holding these Bitcoins will have a significant impact on price dynamics and trader sentiment.

However, despite the behavior of this one significant whale, the broader sentiment for BTC across large addresses holding anywhere between 100 to 100,000 BTCs was relatively positive.

There was an uptick in accumulation observed across these cohorts with no signs of slowing down.

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Author: Himalay Patel

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