Blockchain Analysis Company Cryptoquant reported that the huge amount of Bitcoin (BTC), which has been still still still moving. The size of the wallet is large enough to force the price of bitcoin in critical decks.
1.35 billion dollars of Bitcoin sent to new wallets
In the early hours of Monday, 14,000 BTC, which was a total value of 1.35 billion dollars, was transferred from old wallets to new addresses.
According to Cryptoquant data, these Bitcoins were not sent to the stock market, so their owners may not plan to sell these assets immediately.
“On February 0, 14,000 Bitcoin moved with 7 to 10 years. Although it was a large volume transfer, these assets were not sent to any stock market. This shows that they do not have the purpose of sales.
Similar transfers took place in the past, but it did not always cause a decrease in the price of bitcoin. It may be useful to examine the effect of such movements on price in the past.
However, Cryptoquant analysts say that these BTCs are very low and that their owners may affect the market if their owners decide to sell in the future.
Does BTC bull market continue?
Cryptoquant CEO, Young Ju, claimed that the Bitcoin bull market still maintains its power and the bull cycle would not end until ETF demands slow down.
Bitcoin bull cycle is not over yet.
The decline in 2021 began about two months after the GBTC (Grayscale Bitcoin Trust) entrances stopped.
There is no need to rush to say that the market has reached the summit until ETFs, Microstrategy (MSTR) and institutional purchases slow down.
These statements are considered as a sign that bull momentum can still continue, even if there are large BTC transfers in the market. On the other hand, the continuation of the demand for ETF and the continuation of corporate investor interest indicates that Bitcoin can protect the bull market. Looking at historical data, similar major movements do not always lead to price drop.
For this reason, Bitcoin is expected to remain strong in the long run even though short -term fluctuations and can reach new peaks.
