Old Bitcoin Whales Move 90,000 BTC as Market Activity Cools

The Bitcoin market has witnessed huge movements from long-term holders over the past few days following reduced sentiments from investors. 

New on-chain data from crypto analytics firm CryptoQuant shows a massive exchange of assets from long-term holders sparked by the current market outlook. According to digital asset analyst Mignolet, about 90,000 BTC was transferred in this short window from three to five-year-old wallets. 

very large-scale movement of long-term holders (3y ~ 5y) has occurred.

via @cryptoquant_com @CryptoQuant_KR

https://t.co/SgP3LooRtZ.

— mignolet (@mignoletkr) March 23, 2024

Further investigation shows that the wallets involved in the activity are trading wallets and not exchanging cold wallets.

“Two days ago, I mentioned the need to pay attention to the movements of long-term holders if buying pressure from BlackRock (IBIT) weakens. Large-scale movement of long-term holders (3y-5y) has been observed. Approximately 90,000 bitcoins have been transferred.” 

Whale Sold At Price Peak 

On-chain analysis shows facts during the transactions that got crypto enthusiasts talking as some see more corrections with the recent movement. During price drops, the whale does not move from the bottom with exchanges occurring on price peaks. 

Targeting price rise hovering around peaks shows the whale understands Bitcoin price cycles aligning with previous movements. Crypto users point to the recent volatility in the market making whales play safer. 

Bitcoin and other cryptocurrencies have recorded outflows in the last two days following macroeconomic factors. The upcoming halving and movement of miner reserves also played a role in reduced Bitcoin prices. 

Healthy Bitcoin Correction Expected 

Crypto analyst, theKriptolik explained that after high prices in the market, there is a period of high volatility characterized by plunging prices forming a local dip 

“On an hourly basis, the EWR has once again reached high levels. I anticipate increased volatility in Bitcoin, with a potential drop back to the 62-63 thousand dollar range, which previously served as support leading to a new local dip. Whales selling off amidst the rapid rise in BTC price will pave the way for a healthy correction.” 

This healthy correction can propel Bitcoin in the coming months, bulls opine as they look to maintain pressure. 

At press time, Bitcoin trades at $64.968 down 1.53% this past week as liquidations slow down in the last 24 hours.

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