8,000 dormant Bitcoin, worth $674 million, has been moved recently, causing market concerns.
The movement of such a large amount of BTC from long-term dormancy is often seen as a signal for potential selling pressure and major price corrections.
Possible non-bearish motives behind these transfers include internal wallet shuffling by institutional investors and cold storage reorganization.
Bitcoin prices declined by 4.00% following the US Government's announcement of tariffs on auto imports and goods from China, Mexico, and Canada.