BTC resets downside risk after two months of sideways trading...volatility expected in the near term, transfers between miner wallets after 11 years of dormancy

“The majority of Bitcoin investors are holding unrealized gains, and volatility is likely to return after two months of sideways trading,” Glassnode said in its weekly report on June 4 (local time). “Currently, only 0.03% of long-term holding addresses are in a loss position, which is typical of the initial euphoric phase of a bull market. The sideways movement over the past two months has re-initialized sell side risk and we expect to see significant volatility in the near term.”

Meanwhile, data from on-chain data analytics firm LookOnChain revealed that four miner addresses that had been dormant for 11 years since 2013 saw 100 BTC transfers worth nearly $7 million on March 3 (local time). According to LookOnChain, the miner addresses received 25 BTC each in 2013 as a reward for mining Bitcoin. “What's noteworthy is the timing of these miner addresses' awakening from long-term dormancy. They made a move to transfer 100 BTC on March 13, when BTC first broke $70,000. It could be a coincidence, but once again, when BTC reclaimed $70,000, these addresses were caught transferring 100 BTC out of the system.”