- Bitcoin whales started moving their idle BTC.
- Retail investors showed interest, most holders were unprofitable.
bitcoin [BTC] has been trading at the $64,000 level for quite some time and has been stuck in that position. However, things could soon change for BTC as whales have been losing interest in BTC.
Whales move their possessions
According to Lookonchain data, a wallet that remained dormant for 10.3 years recently initiated a transaction, transferring the 687.33 BTC equivalent to $43.94 million.
The recipient of this transaction had initially received 687.33 BTC, valued at $630,000 on January 12, 2014, when the price per BTC was $917.
This move can cause FUD in the crypto markets and trigger a price correction. Despite this whale’s behavior, a large portion of the whale cohort remained neutral around BTC.
Santiment data revealed that addresses holding between 1 and 10,000 coins were not seen to be accumulating or selling their holdings.
However, surprisingly, retail investors were seen accumulating en masse.
Although retail accumulation may not help BTC see significant price increases, it could help improve sentiment around the king coin, which could lead to positive price movement in the future.
However, if more whales start selling their holdings and turning to profit, retail investors may suffer and be negatively affected.
What’s next for BTC?
At press time, BTC was trading at $64,293.03 and its price had grown by 0.70% in the last 24 hours. BTC trading volume also increased by 27.12%.
If the positive sentiment persists, BTC price could reclaim the $65,000 level and begin its journey towards $70,000.
However, there were some problems that BTC could face on its way to the top. One of them would be the decreasing velocity observed for BTC.
Despite the increase in volume, the velocity around BTC in recent days had fallen, implying that the frequency with which BTC was traded had decreased.
Although BTC faces some challenges, the selling pressure on most holders is relatively low.
Read Bitcoins [BTC] Price prediction 2024-25
One of the main reasons for the same would be the decline in BTC’s MVRV index, which indicated that most holders were at a loss at the time of writing.
This meant that BTC could continue to rise to a certain level until holders become profitable. After this, profit taking may take place and a slight correction may occur.
Next: Solana NFTs revive, beat Polygon: What about Ethereum NFTs?
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