Recently, nearly 8,000 Bitcoins (worth more than $841 million) that had been inactive for the past five years were transferred, according to analyses.
Let's review what happened in the past hours.
The price of Bitcoin dropped to $102,000 amid Middle East tensions, while gold prices exceeded $3.4 thousand.
Bitcoin [BTC] has once again captured global attention, not only for its astonishing price performance but also for the unexpected developments in the cryptocurrency space.
In addition to Bitcoin's price stability above the historic threshold of $100,000, where it was trading at $105,049.81 at the time of publication, after a daily increase of 0.38% according to CoinMarketCap, this massive transaction is causing widespread controversy in the market.
Reports indicated that institutions transferred coins from Coinbase Custody, a digital asset custody service offered by Coinbase for institutional investors.
As expected, this transfer has sparked a new wave of speculation in the market, with some predicting that large wealth entities are strategically accumulating Bitcoin or preparing for upcoming spot ETF allocations.
Speaking of its impact on Bitcoin's price, if investors view this transfer as a precursor to intense selling, it may stir short-term bearish sentiment and price volatility.
However, if this move is linked to institutional repositioning or expected allocations for spot Bitcoin ETFs, it could bolster bullish momentum.
Instead, if it is just an internal shift in custody management, the market may remain unaffected.
Is BlackRock or Strategy behind this?
It goes without saying that when institutions move their long-dormant coins stored in top-tier custody platforms, it often indicates a strategic move rather than a routine transfer.
Some speculators suspect that giants like BlackRock, or Strategy (formerly known as MicroStrategy), or any other major financial entity may be behind this transaction.
Furthermore, with increasing interest and capital in spot Bitcoin ETFs, this activity may either indicate final accumulation before ETF allocations or the beginning of a broader distribution strategy.
In a comment on the same matter, Martin said:
"The buying wave may end this week."
Geopolitical conditions and Bitcoin
This coincided with a sudden wave of geopolitical tension that erupted when Israel struck Iran, triggering a risk-averse sentiment in global markets, and Bitcoin was not spared from the impact.
On June 12, the price of Bitcoin briefly dropped to $102,000, continuing its weekly losses to 7%, as panic gripped both the cryptocurrency and traditional financial sectors.
U.S. stock markets followed the same downward path, while investors pushed gold prices above $3,400 in a rush towards safe-haven assets.
This sharp contrast caught the attention of Peter Schiff, a long-time Bitcoin skeptic, who argued that the price movement indicates a "major top" for Bitcoin.
In conclusion, although opinions remain divided, the market's reaction highlights how macroeconomic events continue to shape Bitcoin's short-term direction.
