49,866 Old Bitcoins Move Without Hitting Exchanges: Data
An astonishing 49,866 Bitcoins, dormant for 5-7 years, were suddenly on the move on January 16th.
At an average unit price of $6,672, these old BTC present an enticing opportunity for buyers, promising a potential profit surge of around 640% upon resale. Notably, this volume wasn’t transferred to any crypto exchanges, as per the latest findings by CryptoQuant.
In fact, recent trends show whales discreetly engaging in transactions without leaving noticeable traces.
While this hints at a strategic shift in the market, caution is advised in the short term.
The movement of Bitcoin acquired at a lower cost raises concerns and warrants careful observation, the on-chain intelligence platform said in its latest update.
“This volume of 49,866 was not sent to the exchange, and recently, whales have often been seen quietly selling/buying without leaving traces as much as possible, but it is necessary to be careful in the short term that Bitcoin purchased in a cheap range has moved.”
Leading up to the historic approval of 11 spot Bitcoin ETF proposals by the US Securities and Exchange Commission (SEC), several old BTC stashes worth millions have woken up from slumber.
More recently, Arkham Intelligence identified the movement of $2 billion in BTC for the first time in five years just before the US market opened on January 16th.
Despite concerns of potential sell-offs, these actions, however, did not have any material impact on the crypto asset’s price which was currently trading at $42,583.
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