Dormant Bitcoin Wallets Move $3.93B as Profit-Taking Sparks $620M Crypto Liquidations
Bitcoin price touched new all-time highs above $126,192 on Monday, October 6, before retreating 4% toward $120,000 amid intense profit-taking on Tuesday. On-chain data shows the pullback coincided with unusual activity from dormant wallets, while derivatives indicators point to early rebound prospects.
As Bitcoin corrected 4% on Tuesday, J. Martin, an analyst at CryptoQuant, alerted his 42,700 followers to on-chain data showing long-term holders taking profits at the top.
According to Martin, wallets inactive for 3 to 5 years were spotted moving 32,322 BTC, worth roughly $3.9 billion, the largest single-day transfer from dormant wallets for the year.
Such a spike in long-term wallet activity introduces short-term bearish…
