On Wednesday, a Bitcoin wallet transferred 57,586 BTC over the blockchain network, according to a cryptocurrency analyst’s observation. This action suggests that a short-term Bitcoin investor may have altered their strategy due to recent price fluctuations. The transfer raises eyebrows given its proximity to the impending $9.4 billion crypto options expiry, at which point market volatility has unexpectedly surged. Could this signal an incoming crypto market selloff?
Short-Term Holder Moves 57,586 Bitcoin (BTC)
Maartunn, an authority in Bitcoin transactions on the blockchain, disclosed that over $3.81 billion worth of Bitcoin, amounting to around 57,586 coins, were moved on the network within the past year.
Transactions involving Bitcoins held for between six and twelve months spark curiosity as to the reason behind transferring a significant amount of Bitcoin on the blockchain. Such sizeable transfers carry the potential to significantly impact the crypto market if they represent sell orders.
Bitcoins can be transferred among wallets or accounts on the blockchain for various reasons such as investment tactics and redemption. Nevertheless, Bitcoin’s price hasn’t experienced significant fluctuations recently, suggesting this activity might not be related to a large-scale selloff.
The price of Bitcoin is now at approximately $66,585, representing a nearly 1% increase in the past 24 hours. The lowest and highest points within this period were $65,864 and $67,148, respectively. Notably, trading volume has decreased in anticipation of the monthly options expiry and the upcoming US Personal Consumption Expenditures (PCE) inflation data release on April 26.
What Actually Happened?
A transaction for $328 in Bitcoin occurred on block 840640, and this particular Bitcoin was held in the wallet identified by bc1qjas. As reported by Tom Wan from 21Shares, this is the address where Tether keeps its Bitcoins. The amount of Bitcoins stored in this address totals up to 75,354.08 BTC, which is equivalent to around $5.01 billion in value.
In simpler terms, that transaction wasn’t a Bitcoin sale by any big investor or whale. The cause behind the transfer within the same wallet remains a mystery.
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2024-04-24 15:43