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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin Held For Years Are Now On The Move, Is This A Signal For Caution?

Samuel Edyme
Samuel Edyme
10 months ago
3 mins read
Bitcoin Held For Years Are Now On The Move, Is This A Signal For Caution?

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Recently, a significant movement of older Bitcoin holdings has been observed on the network, sparking discussions about potential selling pressure in the market.

This activity, as shown in data by the on-chain analytics platform CryptoQuant, has led to analysts advising “extreme caution” in the face of this development.

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Old Bitcoin On The Move: A Signal for Caution?

A CryptoQuant analyst under the pseudonym XBTManager noted that Bitcoin’s upward trend has been accompanied by increased activity on the network, particularly from wallets that have held Bitcoin for extended periods. The question now is whether this movement will lead to a broader market reaction.

Old Bitcoins are on the move

“Overall, we are seeing a significant increase in the movement of coins from various age bands during this latest leg of the rise, with continuous transfers happening on the #Bitcoin network.” – By @XBTManager

Full post 👇https://t.co/LR0bvdvAOY pic.twitter.com/sUe6yqp4Xj

— CryptoQuant.com (@cryptoquant_com) September 24, 2024

XBTManager detailed these movements, noting several significant transfers of old Bitcoin in recent days. For example, on September 18, over 21,000 Bitcoin were moved from wallets that had held the cryptocurrency for periods ranging from one week to three years.

Bitcoin spent output age bands.
Bitcoin spent output age bands. | Source: CryptoQuant

Similar patterns were observed on the following days, with over 29,000 BTC, held for six to twelve months, being moved on September 23 alone.

The analyst emphasized the importance of monitoring where these BTCs are headed—whether they are being transferred to exchanges, which could suggest an impending sell-off.

The increased movement of old Bitcoin raises concerns about potential selling pressure in the market. As XBTManager pointed out, the large-scale transfer of Bitcoin from wallets that have held onto the asset for months or even years could slow down Bitcoin’s current upward momentum.

“As more transfers occur on the network, Bitcoin’s upward momentum begins to slow down. Extreme caution is advised,” the analyst noted.

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10 months ago

Potential Selling Pressure on The Horizon?

Another CryptoQuant analyst, BaroVirtual, has echoed the sentiment of caution. BaroVirtual highlighted a recent decline in institutional short positions, which may not necessarily be a positive signal for the market.

Bitcoin CME futures net position.
Bitcoin CME futures net position. | Source: CryptoQuant

According to the analyst, while the reduction of short positions might offer some short-term relief, the analyst expressed concern over the long-term implications, noting:

I don’t quite agree that this is a positive signal if institutional investors are no longer aggressively shorting Bitcoin. Perhaps this is good for the short term so the market can take a breath. However, the build-up of short positions is needed in the long term to fuel Bitcoin’s growth.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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