$1.7 billion worth of "dormant" bitcoins transferred, Bitcoin faces the risk of selling pressure

Anonymous trader XBT Manager wrote in an article published to CryptoQuant on August 13th that between August 11th and 12th, a total of 29,206 Bitcoins were transferred on-chain, these Bitcoins (BTC) had been idle for up to three years. XBT stated that on August 11th, there were 18,536 BTCs transferred which had been idle for two to three years, causing significant pressure on the Bitcoin price. A few hours later, another 5,684 BTCs that had been idle for three to six months were also moved. On August 12th, both sets of BTCs - one set being of amounting to be around4 ,986 (these BTCs have been idle from anywhere between three and twelve months), and the other set being around2 ,394 (these BTCs have remained unused or untouched from anywhere between three and five years) - were transferred on-chain.