- \n
- Two wallets sell over $60 million worth of BTCs.<\/span><\/em><\/li>\n
- Key metrics have declined recently.<\/span><\/em><\/li>\n<\/ul>\n
Recently, two wallets, which had remained inactive for several years, have initiated movement, transferring all their Bitcoin [BTC]<\/a> holdings. <\/span><\/p>\n
This action coincides with a decline in key on-chain metrics and heightened levels of greed in the Bitcoin market.<\/span><\/p>\n
Bitcoin wallets rake in millions of dollars in gains<\/b><\/h4>\n
Recent data from Lookonchain<\/a> revealed that two Bitcoin<\/a> wallets, which have been dormant for nearly 11 years, have recently become active. These wallets, each containing 500 BTC, sold their entire holdings. <\/span><\/p>\n
Data showed that BTC was priced at $124 when they were purchased years ago, bringing each wallet\u2019s value to approximately $62,000. <\/span><\/p>\n
Also, with the current Bitcoin price, the wallets sold their holdings for over $30 million each, totaling approximately $60.9 million.\u00a0<\/span><\/p>\n
Furthermore, this significant move raises the question whether it will trigger reactions from key on-chain metrics that have recently experienced declines.<\/span><\/p>\n
Bitcoin key metrics declines<\/b><\/h4>\n
According to Santiment data, Bitcoin<\/a> has experienced significant declines in daily active addresses, transaction volume, and whale transactions. <\/span><\/p>\n
Analysis of the data revealed that these metrics saw significant declines following their peaks in February. Also, they are currently approaching historic lows. <\/span><\/p>\n
Towards the end of April, daily active addresses exceeded 815,000, transaction volume surpassed 1.5 million, and whale transactions totaled over 73,500.\u00a0<\/span><\/p>\n
![\"Bitcoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Bitcoin-BTC-13.16.16-12-May-2024.png\")
<\/a><\/p>\nSource: Santiment<\/p>\n<\/div>\n
However, as of this writing, daily active addresses have decreased to around 545,000, transaction volume has fallen to approximately 495,000, and whale transactions have reduced to around 26,500.<\/span><\/p>\n
Greed dominates the Bitcoin sentiment<\/b><\/h4>\n
According to the Bitcoin Fear and Greed Index<\/a>, BTC was currently in the Greed zone at the time of this writing. <\/span><\/p>\n
The analysis of the Index revealed that BTC had a score of 56, indicating a sentiment of greed among investors. This suggests that more people were entering the BTC market to capitalize on potential profits.<\/span><\/p>\n
However, given the decline in key metrics that BTC was experiencing, and the recent sell-off witnessed, this could lead to a price decline.<\/span><\/p>\n
BTC stays above 60,000 for now<\/b><\/h4>\n
AMBCrypto\u2019s analysis of the Bitcoin<\/a> daily timeframe price trend revealed that it was trading at around $61,100, representing a less than 1% increase at this time.<\/span><\/p>\n
\n - Key metrics have declined recently.<\/span><\/em><\/li>\n<\/ul>\n
![\"Bitcoin](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_12-56-18.png\")