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Arkham Intelligence, a blockchain data analytics firm, has reported that Bitcoin (BTC) worth more than $2 billion has been transferred for the first time after being dormant for more than five years. This has led to speculations about a possible pump-and-dump scheme or exiting ‘whale’ investors.
The sudden movement of this hefty amount of BTC has raised eyebrows on numerous cryptocurrency platforms. Analysts are stating that this could likely be either linked to large market players, called ‘whales,’ exiting the market or potential activity of wash trading.
Despite the recent spike in Bitcoin transfer activity, Arkham reports that the overall velocity of Bitcoin on-chain remains low. Also, the firm maintains that the current rate of BTC coin-days idle is only slightly below average, suggesting that the majority of Bitcoin remains untouched.
Source: CoinJournal
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