The stolen $750 million in Bitcoin (BTC) from the Bitfinex hack in 2016 is on the move.

A large amount of Bitcoin is on the move, which was previously linked to the 2016 Bitfinex exchange hack. Recently, the popular Twitter handle Whale Alert reported two such incidents in which Bitcoins worth more than $750 million were transferred to an unknown wallet.

According to a recent report, more than 20,000 Bitcoins were moved in two separate transactions of 10,000 BTC each. This is the second time in the last year that hackers have moved funds stolen from the Bitfinex hack in 2016. At the time, 119,756 BTC were stolen from the exchange, causing the market to crash.

Last year when Bitcoin was trading at its all-time high in mid-April 2021, the hackers had moved the first batch of Bitcoins worth $750 million.

Will This Affect the Price of Bitcoin?

It will be interesting to see if this move adds to the volatility of the Bitcoin price. Nearly 20% of the total Bitcoin stolen has been moved by hackers.

While most exchanges have made it impossible to cash out stolen exchanges, hackers may be able to find other ways to liquidate their holdings. The recent fund transfer, on the other hand, indicates that the hackers are in the mood to manipulate the market.

As of press time, Bitcoin is trading 4.5% up at a price of $38,500 levels with a market cap of $730 billion. Bitcoin has already been trading at more than a 45% discount from its all-time high levels of $69,000 in November 2021.

Bitcoin is currently the 4th most oversold in its history according to dormancy flow. Dollar-cost averaging more heavily into this area is probably the best approach for the long-term investor.

Courtesy: Glassnode

To confirm an uptrend, Bitcoin must first reclaim above $39,500, and then above $42,500. After a sharp drop earlier this month, the market has been anticipating a healthy rebound. It will be interesting to see if Bitcoin can reclaim the $40,000 mark before the end of the week.

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