Whale Shadows Indicator Signals Likely Bitcoin Price Decline

About 5,000 BTC that had been dormant for the last 7–9 years moved. The founder of Look Into Bitcoin, Philip Swift, said, citing data from the Whale Shadows indicator.

1/ Here we go again. Another 5000BTC that has been dormant for 7-9yrs moved again today. Just like yesterday. See previous tweets.

Live chart: https://t.co/GoCUB7EDLR pic.twitter.com/KRmHWvmTKk

— Philip Swift (@PositiveCrypto) August 30, 2022

In the description of the on-chain tool указано, that historically similar bursts of activity have preceded significant corrections. This is clearly shown in the graphic attached to the next tweet.

2/ Reminder as to why it is noteworthy. Chart showing previous times coins that old and of that size or more were moved.

Live chart: https://t.co/GoCUB7EDLR pic.twitter.com/oun45sxibC

— Philip Swift (@PositiveCrypto) August 30, 2022

At the time of writing, Bitcoin trades around $20,450. Over the past seven days its price has fallen by 4.3%. The total market capitalization of cryptocurrencies stands at around $1 trillion.

Earlier, the head of Capriole Investments, Charles Edwards stated the capitulation phase among Bitcoin miners has occurred.

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