Recently, a hot topic in the BTC market has been the sudden activity of a large number of dormant whale addresses. Since July, 25 BTC addresses that have been inactive for over 10 years have started to move coins. The coins in these addresses are almost at zero cost. Many people panic at the sight: are early miners or big holders about to sell? At the current price of around $87,000, selling any amount would be pure profit, which indeed puts psychological pressure on the market.

But is it really that absolute? It depends on the specific numbers. The key is how much BTC these 25 addresses have transferred in total. If it's only a few hundred coins, in the context of daily trading volumes of hundreds of thousands of coins, it’s hardly noticeable. If they’ve moved thousands or even tens of thousands of coins, then it could definitely cause some impact.

Looking at the transfer destinations also matters. Transfers to exchanges are basically signals of intent to sell, while transfers to new addresses might just be wallet changes or asset splitting, not necessarily indicating an imminent sell-off.

According to on-chain data, on December 29, several large BTC transfers surfaced—three transfers of 5,000 coins, one of 10,702 coins, and one of 4,293 coins, totaling roughly 25,000 BTC, worth over $20 billion. Honestly, that’s not a small amount. However, these transfers occurred between unknown addresses, so it’s impossible to confirm whether the dormant addresses are truly active or whether they are planning to sell.

The market’s tense atmosphere mainly stems from sentiment—there’s a general feeling that big holders are fleeing. But from another perspective, on-chain data shows that BTC reserves on exchanges are decreasing, indicating a net outflow—more coins are being withdrawn than deposited. This is actually a bullish signal.

So don’t be scared by a single event; the key is to look at multiple signals in combination.