In one of the busiest weeks of on-chain activity in recent years, more than 8% of the total Bitcoin (BTC) in circulation was traded.
According to data shared by Joe Barnett, director of Bitcoin strategy at Semler Scientific, a move of this magnitude has only been observed twice in the past. It was March 2020 when the price dropped to $5,000 and December 2018 when the digital currency was around $3,500.
The current increase in transfer volumes coincided with Bitcoin’s price falling towards the USD 80,000 area. So it would look like this: One of the most relevant on-chain events of the current cycle.
The Glassnode chart below shows recent trading changes for BTC. This is a historic level of failure.sparked debate among analysts.
Sell Bitcoin from Coinbase
Some of the Bitcoin ownership changes may be related to the mass exodus of BTC from the Coinbase exchange. This was pointed out by CryptoQuant analyst Darkfost.
The following chart shared by an analyst reflects the Bitcoin reserves of the largest US exchanges. In November, there was a sharp decline, Most of the supplies were mobilized in a short period of time.
The withdrawal of Bitcoin from exchanges could indicate that there is a desire to keep the investment for the long term, which is a bullish signal for the price of the digital currency.
Old bitcoiner sells coins
Moreover, this behavior is consistent with recent trends observed by so-called CriptoNoticias, where transfers of coins from old addresses are recorded. AND Bitcoiner— For new investors.
loss AND Bitcoiner They are people who have been part of the Bitcoin protocol since its inception. So from 2009 to 2013 or so.
But experts caution that these moves don’t necessarily mean sales. In some cases, you can simply respond as follows: Internal reorganization of addresses by the same entity.
Market analyst Willy Wu explained that this type of event can be interpreted as a “capital turnover” process. In these, ownership of digital assets is redistributed between different investor profiles.
If so, current movements may reflect that It is not a sign of surrender, but a repositioning of structures.
