An Unprecedented Bitcoin Movement
An astonishing 49,866 Bitcoins, dormant for 5-7 years, were suddenly on the move on January 16th. These old BTC present an enticing opportunity for buyers, promising a potential profit surge of around 640% upon resale. Notably, this volume wasn’t transferred to any crypto exchanges, as per the latest findings by CryptoQuant.
Whales Engaging in Discreet Transactions
Recent trends show whales discreetly engaging in transactions without leaving noticeable traces. While this hints at a strategic shift in the market, caution is advised in the short term. The movement of Bitcoin acquired at a lower cost raises concerns and warrants careful observation, according to CryptoQuant.
“This volume of 49,866 was not sent to the exchange, and recently, whales have often been seen quietly selling/buying without leaving traces as much as possible, but it is necessary to be careful in the short term that Bitcoin purchased in a cheap range has moved.”
Old BTC Stashes Waking Up
Leading up to the historic approval of 11 spot Bitcoin ETF proposals by the US Securities and Exchange Commission (SEC), several old BTC stashes worth millions have woken up from slumber. More recently, Arkham Intelligence identified the movement of $2 billion in BTC for the first time in five years just before the US market opened on January 16th.
No Impact on Bitcoin’s Price
Despite concerns of potential sell-offs, these actions did not have any material impact on Bitcoin’s price which was currently trading at $42,583.
Hot Take: Potential Market Shift
The sudden movement of dormant Bitcoins and discreet transactions by whales suggest a potential market shift. While the opportunity for buyers is enticing, caution is advised in the short term. The movement of Bitcoin acquired at a lower cost raises concerns and warrants careful observation. However, these actions have not had a significant impact on Bitcoin’s price so far. It remains to be seen how this market shift will unfold in the coming weeks.
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