2024

Bitcoin

Impact

Billion

<ul> 
 <li aria-level="1">Over $1 billion in Bitcoin transferred to exchanges last week, potentially indicating upcoming sales by large holders.</li> 
 <li aria-level="1">Analysis from Glassnode shows over 21,000 BTC moved to exchanges, hinting at increased selling pressure on prices.</li> 
</ul> 
Over the past week, Bitcoin exchanges witnessed an influx of more than $1 billion worth of the cryptocurrency, signaling a potential shift in crypto market. This movement corresponds with a period of decline for Bitcoin, which recently saw the cryptocurrency breaking critical support levels. 
<h2 id="b-large-scale-bitcoin-movements-b">Large-Scale Bitcoin Movements</h2> 
Data from Glassnode reveals a sharp increase in Bitcoin being transferred to exchanges. Detailed analysis of these transactions shows that from July 1 to 5, exchanges received over 9,500 BTC, valued at roughly $540 million.&nbsp; 
<figure id="attachment_80695" aria-describedby="caption-attachment-80695" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80695" src="https://www.ethnews.com/wp-content/uploads/2024/07/glassnode-studio_bitcoin-balance-on-exchanges-total-btc-all-exchanges.png" alt="glassnode-studio_bitcoin-balance-on-exchanges-total-btc-all-exchanges" width="1800" height="1013">
 <figcaption id="caption-attachment-80695" class="wp-caption-text">
 Source: Glassnode
 </figcaption>
</figure> 
Expanding this view to the entire last week, the total reaches beyond 21,000 BTC, translating into more than $1 billion. This trend could suggest that investors, possibly including large-scale holders or “whales,” are preparing to sell, which could exert downward pressure on Bitcoin prices in the near term. 
<h2 id="b-activity-from-dormant-accounts-b">Activity from Dormant Accounts</h2> 
<figure id="attachment_80703" aria-describedby="caption-attachment-80703" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-80703" src="https://www.ethnews.com/wp-content/uploads/2024/07/GRxKLvbacAQb5Pn.jpg" alt="Lookonchain" width="1200" height="182">
 <figcaption id="caption-attachment-80703" class="wp-caption-text">
 Source: Lookonchain
 </figcaption>
</figure> 
Further stirring the market are activities from long-dormant Bitcoin accounts. Lookonchain reported that a wallet inactive for over ten years transferred all its holdings—1,004.5 BTC. These coins, acquired in 2014 for an average price of $735 each, were worth approximately $738,000 at the time of purchase.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 A wallet that has been dormant for 10.3 years transferred all 1,004.5 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($56.9M) out 2 hours ago. 
 The wallet received 1,004.5 <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a>($738K at that time) at an average price of $735 on Nov 25, 2013 and Mar 13, 2014. 
 Address: 1B1o9yxkweyh7zbjC5EpGNPLDWHsD33NpM <a href="https://t.co/HkwSb6AF30">pic.twitter.com/HkwSb6AF30</a> 
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1809404141636382806?ref_src=twsrc%5Etfw">July 6, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Now, they are valued around $57 million, underscoring Bitcoin’s substantial appreciation over the years. Such movements from aged wallets could significantly <a href="https://www.ethnews.com/analyzing-bitcoins-market-indicators-suggest-a-potential-peak-in-the-current-price-cycle/">influence cryptomarket</a>, particularly if these coins enter the selling side of the market. 
<h2 id="b-implications-of-historical-bitcoin-transactions-b">Implications of Historical Bitcoin Transactions</h2> 
This week also noted other significant Bitcoin transactions influencing the market. For instance,<a href="https://www.ethnews.com/mt-gox-reimburses-creditors-in-bitcoin-after-a-decade/"> Mt. Gox, a defunct exchange</a>, conducted a test transaction of over 1,000 BTC as part of its preparations for creditor payouts.&nbsp; 
Moreover, it moved more than 42,000 BTC, worth over $2 billion, from wallets inactive for a decade. Similarly, the German government transferred over 4,000 BTC to exchanges, adding to the market’s liquidity. 
<h2 id="b-market-outlook-and-technical-analysis-b">Market Outlook and Technical Analysis</h2> 
Despite these movements, Bitcoin is struggling to find its footing. A technical analysis on the daily timeframe indicates continued challenges. The Relative Strength Index (RSI) and moving averages suggest that the market is still grappling with the recent downturns.&nbsp; 
The influx of large amounts of <a href="https://www.ethnews.com/bitcoin-plummets-below-60000-amid-market-wide-sell-off-and-mounting-pressure-from-mt-gox-repayments/">Bitcoin into exchanges</a>, combined with transactions from dormant accounts and governmental actions, creates a complex environment for Bitcoin’s potential recovery. 
The post <a href="https://www.ethnews.com/over-1-billion-in-bitcoin-moved-to-exchanges-analyzing-the-recent-surge-and-its-market-impact/">Over $1 Billion in Bitcoin Moved to Exchanges: Analyzing the Recent Surge and Its Market Impact</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Over $1 Billion in Bitcoin Moved to Exchanges: Analyzing the Recent Surge and Its Market Impact

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