Billions in Dormant Bitcoin Moved Before US Market Open
Around $2 billion worth of dormant Bitcoin was moved just before the US market opened, according to Arkham Intel, a crypto analytics firm. This is the third time such a movement has occurred, with the previous instances happening in 2019 and 2013. The Bitcoin was transferred across several linked addresses.
Connection to Spot Bitcoin ETF Approval
This movement of dormant Bitcoin comes shortly after the approval of 11 spot Bitcoin exchange-traded funds (ETFs) on January 10. These ETFs started trading on stock exchanges like Cboe, NYSE, and Nasdaq a day later.
Bitcoin’s Price and Market Status
At the time of writing, Bitcoin was trading at around $42,600, experiencing a 0.9% decrease. This information is based on The Block’s Price Page for Bitcoin.
Hot Take: Dormant Bitcoin Movement Raises Questions
The recent movement of billions of dollars’ worth of dormant Bitcoin has sparked curiosity and speculation within the crypto community. The timing of these transfers coinciding with the approval of spot Bitcoin ETFs raises questions about potential connections between the two events. Some analysts believe that this could indicate institutional interest in the market or strategic positioning by large investors. As more details emerge, it will be interesting to see how this movement impacts the crypto landscape.
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