November 21, (THEWILL) — Bitcoin extended its downward trajectory on Wednesday, slipping toward the mid-$80,000 region as long-inactive wallets moved substantial volumes of BTC onto exchanges, amplifying market-wide selling pressure.
On-chain data shows that several dormant wallets, some inactive for years, became active within the last 48 hours, pushing thousands of coins into circulation.
The sudden increase in supply has unsettled traders already cautious over weakening risk sentiment in global crypto markets.
The renewed activity among dormant addresses often signals profit-taking or strategic repositioning by early holders, both of which tend to weigh heavily on market prices due to the size of these wallets.
Bitcoin’s decline also aligns with a broader pullback across major crypto assets.
Analysts note that tightening global liquidity conditions, declining stablecoin inflows, and slowing institutional demand have contributed to the current sell-off cycle.
Market participants say Bitcoin may test lower support zones if selling persists, though fundamentals remain strong in the long term, supported by increasing institutional adoption and ongoing exchange-traded product (ETP) inflows.
Ogochukwu Onwaeze
