The Bitcoin market recently experienced a significant development with long-term holders initiating a major bullish trend. According to CryptoQuant, a leading on-chain analytics firm, these holders have begun transferring BTC to crypto exchanges. The analytics platform, via its official X account, disclosed the efforts of Bitcoin holders in this regard.
“When ultra-long term holders sell $BTC, ‘Currently, ultra-long term #Bitcoin holders are not sending Bitcoin to exchanges. Ultra-long term Bitcoin holders want a stronger bull market’ – By @t0_god Full post https://t.co/bzAFstW3zU pic.twitter.com/PADQLNRSe6 — CryptoQuant.com (@cryptoquant_com) June 28, 2024”
Long-term Bitcoin Holders Begin Token Sales
In its latest X update, CryptoQuant highlighted that this move is aimed at an upcoming bull run. On-chain data underscores that these activities have been ongoing since last month. During this period, long-term Bitcoin holders reportedly sold a substantial amount totaling $10 billion worth of tokens in May alone, equivalent to approximately 160,000 coins.
This action marks a significant trend reflecting the behavior of long-time BTC investors. Furthermore, the substantial sale of BTC signifies a notable shift in market dynamics. Historically, these holders have typically held onto their assets during market fluctuations, contributing to Bitcoin’s overall price stability.
Striving for a Strong BTC Bull Market
Conversely, the current wave of selling large volumes of tokens suggests a change in sentiment. Notably, June has witnessed a substantial increase in token liquidations by long-term holders, exceeding 40,000 tokens. This consistent trend of liquidation potentially aims to support a robust Bitcoin bull market.
Tags: BTC
