Bitcoin (BTC) fell $3,000 on the morning of April 1, when the withdrawal seemed to be accompanied by new action by major investors, according to widely held accounts.

As you can see from the Whale Shadows indicator, more than 11,000 BTC suddenly left their wallets on March 29, after lying there for the better part of the previous decade.

Idle Coins Echo December 2017
Coined by analyst Philip Swift, Whale Shadows tracks coins that have become active again after spending a significant amount of time out of circulation.

It is set to only register when 100 BTC or more leaves its long-term wallet, and the peaks in the account have previously matched what Swift calls “highs” in price.

On March 31, he noted, “There was a huge movement on the chain yesterday: +10,000 BTC didn’t move for the last 7-10 years, and then finally moved.”

The peak in this age range, which is described on the analytics site Swift LookIntoBitcoin as including 7-9 years of inactive coins, is one of the two largest in the history of Bitcoin.

The only second time altcoins moved in this range was in December 2017 when BTC/USD hit an all-time high that would remain unbeatable for three years.

Bitcoin whale shadow chart. Source: LookIntoBitcoin
But as we discussed the data on Twitter, there was a wide range of opinions about the significance of the latest incident.

Swift has argued that the funds in question may have been linked to the 2014 Cryptsy hack, while others disagree.

Popular user Nunya Bizniz also pointed out that the peak occurred after bitcoin fell from its all-time high of $69,000, and not before.

Bitcoin Failed to Escape Ides in March
As Cointelegraph previously reported, Bitcoin’s desire to bounce back after reaching its highest level in 2022 increased by as much as 29.4% between the March low and high.

Related: Bitcoin Just Recovered Major Price Trendline After Longest Absence Since March 2020

Another well-known trader, Pentoshi, can make a trip worth more than $50,000.

But for Crypto Ed, the outlook was less rosy. After failing to hold a support area around $45,000 as well as a yearly open at $46,200, Bitcoin faced an even deeper bounce and re-entered the designated trading area.

Source: CoinTelegraph

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