Bitcoin 'dormant' for 7+ years moved right before BTC price dropped 5%

cointelegraph.com:

Bitcoin (BTC) dived $3,000 into the morning of April 1 as a widely-predicted pullback seemed to accompany fresh moves by major investors. 

As revealed by the Whale Shadows indicator, over 11,000 BTC suddenly left its wallet on March 29, having previously sat there for most of a decade.

Whale Shadows, coined by analyst Philip Swift, tracks coins that become active again after spending a considerable amount of time out of circulation.

Tuned to only record when 100 BTC or more leave their long-term wallet, spikes in the metric have previously coincided with what Swift argues are "major highs" in price.

"There was a significant movement on-chain yesterday, with +10k BTC that has not moved for the past 7-10yrs finally moving," he noted Thursday. 

The spike in that age band, described as involving 7-9 year dormant coins on Swift's analytics site, LookIntoBitcoin, is one of the two largest ever in Bitcoin's history.

The only other time that old coins moved on such a scale was in December 2017 as BTC/USD hit an all-time high that would remain unbeaten for three years.

Discussing the data on Twitter, however, opinions varied considerably over the significance of the latest event.

ℹ️ The massive amount of activated dormant #BTC in the previous posts are possibly linked to the #Cryptsy hack/theft.

Swift argued that the funds involved were likely tied to a 2014 hack of cryptocurrency exchange Cryptsy, while others disagreed.

Popular user Nunya Bizniz further noted that the spike had occurred after Bitcoin's comedown from its latest $69,000 all-time highs, not before.

Past 3 moved prior to substantial corrections.Why do you think this move is occurring after a substantial correction?

As Cointelegraph reported, appetites were keen for Bitcoin to