PANews reported on March 30 that according to bitcoinist, CryptoQuant analyst Maartunn reported that about 8,000 bitcoins that have been dormant for five to seven years have been transferred recently, exacerbating the current bearish concerns about cryptocurrencies. These bitcoins were transferred in a block with a value of $674 million. The transfer occurred after a series of idle bitcoin wallets were activated recently. On March 24, a bitcoin wallet that had been idle for 14 years suddenly transferred 100 bitcoins worth $8.5 million. At the same time, in early March, six ancient bitcoin wallets also transferred nearly 250 bitcoins worth $22 million.

Generally speaking, large amounts of BTC are moved out of long-term dormancy, which is often interpreted as a signal of impending selling pressure, leading to a sharp price correction, but there are other non-bearish motivations, such as institutional investors or whales' internal wallet consolidation. However, there are other potential non-bearish motivations behind such transactions, such as internal wallet shuffles by institutional investors or large holders and cold storage reorganizations.