A significant quantity of Bitcoin, which has been inactive for up to a decade, has recently been relocated. According to blockchain analytics firm CryptoQuant, 14,000 Bitcoins—valued at approximately $1.35 billion at the time of analysis—were transferred to new wallets early Monday.
CryptoQuant's insights suggest that these Bitcoins were not moved to cryptocurrency exchanges, indicating no immediate plans for sale. On February 10th, these 14,000 Bitcoins, inactive for seven to ten years, were moved without being sent to exchanges, implying that a quick sale is unlikely. Past instances of similar movements have not always resulted in a decline in Bitcoin's value. Reviewing historical data on Bitcoin price reactions to such events is advisable (refer to the second indicator).
Additionally, it's crucial to recognize that these coins were acquired at significantly low prices, which might affect future selling decisions by their holders.
CryptoQuant CEO Ki Young Ju recently mentioned that the Bitcoin bull market is still progressing and may not peak until the demand for exchange-traded funds (ETFs) diminishes.
He noted, "The Bitcoin bull cycle isn't over. The surge for paper Bitcoins continues. In 2021, a downturn came two months after GBTC (Grayscale Bitcoin Trust) inflows ceased. It’s premature to declare a peak until ETFs, MSTR (MicroStrategy), and institutional purchasing decelerate."
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.