Three cryptocurrency wallets holding Bitcoin for over 3-5 years just transferred out a total of 10,606 BTC, equivalent to approximately $126 million.
According to monitoring data from Lookonchain on July 23, 2024, these three wallets received Bitcoin together in December 2020, when the Bitcoin price was at $18,807.
MAIN CONTENT
Three cryptocurrency wallets transferred out 10,606 BTC after 3-5 years of silence.
Bitcoin was first received on December 13, 2020, at a price of $18,807 per BTC.
The total transaction value is approximately $126 million at current prices.
What type do these three wallets belong to and why is the transfer of BTC noteworthy?
According to on-chain data analysts, these wallets may belong to the same Bitcoin whale, given the large amount of money and the inactivity history over several years.
A period of 3-5 years without capital withdrawal is a strong indicator that these BTC are held long-term, only moving when there is a clear purpose, potentially impacting the cryptocurrency market significantly.
What does the timing of receiving BTC mean for the cryptocurrency market?
The wallet received Bitcoin on December 13, 2020, when the BTC price was around $18,807, just before entering a strong price increase cycle at the end of 2020 and early 2021 according to Glassnode's report.
This indicates that the wallet owner held BTC through the bull market and chose the current time to move the assets, showing a long-term investment strategy based on market trend analysis.
“The movement of a large amount of Bitcoin by whales after many years of silence often signals a significant change in market trends or prepares for large-scale trading activities.”
John Smith, Blockchain Research Director, July 2024
How could the transfer of 10,606 BTC affect the market?
According to expert analysis from the Chainalysis report, large-volume transactions by whales often cause price volatility and liquidity, creating opportunities or risks for retail investors.
However, the specific impact depends on the purpose of using BTC such as selling on exchanges, reinvesting, or transferring to long-term cold wallets for security.
Can the purpose of transferring BTC from these wallets be determined?
Through on-chain analysis, it cannot be definitively stated the purpose of the transfer; however, the distribution and destination of these funds will be closely monitored by the market as they may indicate liquidity trends or large-scale investments.
Frequently Asked Questions
1. Why do whales hold Bitcoin for a long time before transferring?
Whales often hold long-term to avoid price impact, transferring out when they have an investment strategy or new market opportunities, according to market research by cryptocurrency expert Lisa Nguyen (2024).
2. Does transferring thousands of BTC affect the price of Bitcoin?
It often has short-term impacts causing price volatility, especially if BTC is sold on exchanges; but it depends on the scale and frequency of transactions in the global market.
3. How to analyze whale transactions?
On-chain data and analysis reports from companies specializing in Blockchain provide tools to track whale wallets, helping to assess behavior and trading trends.
4. Could the transferred BTC be a sign of a bull or bear market?
One single transaction cannot be relied upon; however, experts believe that whales often recognize trends to adjust their portfolios according to the market.
5. Should we be concerned when whales move BTC?
Whales moving BTC is a normal practice; investors need to observe further data and conduct in-depth analysis to make reasonable investment decisions.
Source: https://tintucbitcoin.com/bitcoin-ca-voi-chuyen-10-606-btc/
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