As a researcher with extensive experience in the crypto market, I find the recent activity of dormant Bitcoin wallet addresses concerning. The sudden movement of over 25,000 BTC worth over $1.6 billion from a single wallet address has fueled speculation of a selloff and added to the uncertainty surrounding Bitcoin’s price.
Bitcoin Update: This week, dormant Bitcoin wallets have become more active following the latest drop in Bitcoin’s price to around $65,000. An on-chain expert reported that a Bitcoin wallet transferred approximately 25,000 BTC in six separate transactions today, fueling concerns about a potential Bitcoin price downturn due to heightened market instability.
Single Wallet Moves 25,000 BTC
As a crypto investor, I’ve come across some intriguing data from Bitcoin Spend regarding a significant transaction. A single wallet transferred over 25,000 BTC, equivalent to around $1.6 billion at current prices. The interesting part is that the age of these bitcoins ranges between 3 to 5 years old. This information has fueled speculation among the community, leading many to assume a possible selloff as optimism for further price increases starts to fade.
On June 22, Maartunn, a confirmed on-chain analyst at CryptoQuant, announced that an unidentified party carried out two significant transfers, shifting over 11,000 Bitcoin in these transactions. Moreover, this entity executed five transactions, transferring approximately 20,000 Bitcoin.
As a crypto investor, I’ve noticed that the same wallet transferred another 5,577 Bitcoin following a brief pause. With this latest transaction, the entity has now moved approximately 25,000 Bitcoin within a short timeframe. This significant activity has fueled speculation among the community about potential further downward pressure on the Bitcoin price.
Why BTC Price Risks Falling Further?
Over the coming week, the crypto market is expected to be significantly important due to the continued downward trend in Bitcoin and altcoins. In just one month, Bitcoin has experienced a decline of approximately 10%, while altcoins have seen a more substantial drop between 20-30%.
As a crypto investor, I’m keeping a close eye on the upcoming expiration of over 104,000 BTC options worth approximately $6.72 billion on Deribit exchange, scheduled for June 28. The put-call ratio of 0.52 suggests that there are more open put positions than call positions. This implies that option buyers are more bearish than bullish about Bitcoin’s price movement. Moreover, the max pain point is set at $57,000, indicating that a significant number of options will expire in-the-money if Bitcoin’s price remains below this level. Consequently, it seems likely that Bitcoin could face selling pressure next week.
As a crypto investor, I’m keeping a close eye on the economic calendar this week. On Thursday, I’ll be paying attention to the U.S. GDP growth rate data release, followed by the Fed’s preferred inflation data, PCE inflation data, on Friday. These events coincide with a significant options expiry of around $6.72 billion. While I hold onto my coins, the high volatility and selling pressure caused by these factors could potentially push the Bitcoin price below $60,000, even dipping as low as $57,000.
As a researcher studying the Bitcoin market, I’ve observed an extra force driving up Bitcoin prices recently. This comes from substantial outflows from Bitcoin ETFs exceeding $500 million in the last week. Simultaneously, the German government has been transferring large amounts of Bitcoin from its reserves to exchanges.
The price of Bitcoin is presently at $64,286, marking a 1% increase over the last 24 hours. The lowest and highest points during this period were $63,437 and $64,475, respectively. The volume of trading has decreased by approximately 47% in the past day, suggesting reduced engagement from traders due to pessimistic sentiment.
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2024-06-22 20:01