Welcome back,
Today I came across a tweet which said that around 80000 Bitcoin were moved after 14 years. It means that this is one of the biggest crypto movements in the entire history. In Crypto only Whales can perform such big transactions. To become a whale in Bitcoin, an entity must hold at least 1000 BTC after that, they are considered a whale. 1000 Bitcoin at today’s price is around 108 million dollars. But in this case, the particular wallet, which was dormant for almost 14 years, moved 80000 BTC, which is equal to 8 billion dollars. That is a huge amount.
This has been the highest we have recorded so far. Earlier, the record for the movement of most aged Bitcoins, that is, Bitcoins that were held in a wallet for over over 10 years, was 3700 Bitcoins. But this is far more than that, 80000 Bitcoins. These are old Bitcoins that are more than 10 years old and have been resting in wallets for over a decade ( 14 years ). The entity or the individual holding this wallet is probably a legendary bitcoin miner since time when almost no one knows about BTC as these bitcoins from where they were moved was a Coinbase transaction.
This was not enough, and we got to know that this particular wallet held around 200000 Bitcoin back in time. That makes them one of the top 5 holders of Bitcoin for the longest time. It is insane that a person or a group of people, we cannot say if these Bitcoin belong to a single entity, a company, or a group but they were among the top 5 holders of Bitcoin. At present we have big names holding over 200k bitcoins but they are not a single entity and those BTC do not belongs to a particular person. Even if they are single entity the recent address from where the BTC was moved out is still the longest to hold so many bitcoins.
Will this movement impact the market? I think for now we can stay calm as the address from where these 80k bitcoin were moved are 8 different wallets. If this transaction was done on the centralized exchange it would have created panic for the entire market but that di not happened. The bitcoins are in 8 different web3 wallets. In my opinion a person or the entity holding so many bitcoins for so many years will not sell them all. They are the legendary holders and lets hope they are here to stay in the top holders of bitcoin for longer time.
So this big on chain movement is not a panic for us. We can ignore it and focus on the other factors going on in the market. On July 9th, the tariff pause will be lifted, and we can expect the market to come down in case Trump does not extend the tariff pause or announce something that is against the tariffs itself. Keep yourself aware as one negative news can take bitcoin back to 99-103k price point but multiple good news might not be enough to help bitcoin reach a new all time high.
So until 9th July, I think the market is very manipulative. The market can go anywhere, and we have seen BTC breaking the support of $108,000 and still struggling to create an all-time high. Here, the technical analysis is failing because we have to focus on fundamental analysis. A lot of stuff is going on in the world. The war situation is over, but we never know when Iran or Israel might attack each other again. We do not know if a third country might start a war against another country. We are living in a time where anything can happen.
Thank You, stay careful, and Happy Trading Everyone.
Posted Using INLEO
