The price of Bitcoin set a new record at $112,000 yesterday, Wednesday.
The price breakout came after about seven weeks of stability.
The sudden rise in the price of Bitcoin coincided with significant movements of altcoins that had remained inactive for many years.
Data from CryptoQuant indicates that some old holdings, dating back 7 to 10 years, have started to move, behaviors typically observed at pivotal turning points in the market.
These movements may reflect profit-taking or portfolio restructuring in light of rising prices, but at the same time, they increase the ambiguity regarding the market direction in the short term.
One of the most notable examples of this was the transfer of two wallets from the 'Satoshi' era totaling 20,000 Bitcoins, currently valued at approximately $2.18 billion.
Despite the magnitude of these transfers, the price was not negatively affected, indicating the current strength of the market.
In contrast, it was notable that retail investors were absent from this rise.
According to Mr. Kushal Manupati from Binance, the current rise reflects a wide-scale institutional entry that enhances market credibility, indicating that this surge is not solely based on individual speculation but on the growing investment role of Bitcoin in diversified portfolios.
For its part, Santiment explained that individual investors began to withdraw ahead of the price breakout, a common behavior that usually precedes major rallies, as markets often move against the general sentiment.
With the price of Bitcoin surpassing its previous peak, all eyes are now on network behavior, especially if the number of holders begins to increase, which may indicate a return of retail interest and the possibility of triggering a new wave driven by fear of missing out.
