📅 October 26 | London, United Kingdom
A massive movement has just shaken the market: more than 62,000 BTC — valued at over $4 billion — were transferred from long-term holders' wallets to exchanges and new active addresses, according to data from Glassnode. The phenomenon has set off alarm bells among analysts: when long-term investors begin to move their reserves, it is usually a sign of a market cycle revaluation or the start of profit-taking phases.
📖 The report published by Glassnode shows that the illiquid supply of Bitcoin—those BTC stored in wallets that have not been moved in more than 155 days—has fallen to the lowest level since March 2024.
Over the past seven days, a net outflow of 62,000 BTC was recorded from these wallets, equivalent to more than $4.1 billion at current prices.
Analysts interpret this trend as a reduction in long-term confidence, or as a sign that veteran investors are taking advantage of recent highs to relocate capital into stablecoins, altcoins, or traditional assets.
“It's a mixed signal: some holders may simply be redistributing positions, but historically, movements of this magnitude precede periods of increased volatility,” explained James Check, principal analyst at Glassnode.
In parallel, on-chain data shows that inflows to exchanges increased 18% weekly, which could indicate short-term selling pressure.
However, not everyone interprets the outlook bearishly: several traders highlight that part of the mobilized supply could be entering tokenized financial products, such as new Bitcoin ETFs or institutional custody services.
Furthermore, indicators such as Realized Cap and HODL Waves still show a healthy market structure, suggesting that the current movement could simply be a natural rotation phase after months of consolidation.
Topic Opinion:
Long-term holders are often the emotional bellwether of the ecosystem, and their decision to move funds can respond to both opportunity and caution. While a technical correction could occur in the coming days, the reality is that the market continues to display a solid and mature structure, with increasing institutional adoption. I interpret this flow as a strategic reorganization before the next major phase of the cycle, not as the end of the bull market.
💬 Are you accumulating or reducing positions at this point in the cycle?
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