A Bitcoin wallet has moved 57,586 BTC on-chain on Wednesday, as reported by an on-chain expert indicating a change in behavior of a short-term Bitcoin holder in response to BTC price action. The timing of the move is a concern as it comes before the $9.4 billion in crypto options expiry, with realised volatility suddenly spiking. Is a crypto market selloff ahead?
Short-Term Holder Moves 57,586 Bitcoin (BTC)
On-chain expert Maartunn revealed a massive 57,586 BTC aged between 6 and 12 months transferred on-chain. The Bitcoin transferred is valued at approximately $3.81 billion.
These bitcoins held for a period between 6 and 12 months raise questions of why someone decided to move such a large number of Bitcoin on-chain. These high-value transfers can also nuke crypto market if it’s a sell transaction.
The movement can also be between Bitcoin between wallets or accounts on the blockchain for several purposes including investment strategy and liquidation. However, there was no massive c
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