Bitcoin News
By MikeT
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Amid Bitcoin’s continued bullish momentum, a notable event occurred when 8,511 BTC, held by long-term holders for 3-5 years, moved on-chain.
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In the past 24 hours, these 8,511 BTC were transferred, marking the 22nd time this year that over 5,000 BTC from long-term holders have been reactivated.
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Moreover, the average dormancy of Bitcoin fell from 42 days to 33 days, highlighting that new buyers are becoming more active in the market.
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An interesting factor in this situation is the origin of the BTC being transferred. According to analysts, the movement of these coins appears to have come from Grayscale, a…
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It’s important to note that these coins were not deposited into exchanges. Exchange Netflow data revealed that Bitcoin has experienced three consecutive days of negative…
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While the movement of long-held Bitcoin can sometimes signal potential selling pressure, the fact that these coins were transferred to private wallets rather than exchanges…
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However, if Grayscale decides to sell these reactivated coins, it could trigger market outflows, potentially causing Bitcoin’s price to dip to the $104K level.
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In conclusion, the movement of 8,511 BTC from long-term holders is a noteworthy event, but it does not necessarily spell trouble for Bitcoin's price.
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