- Bitcoin whales started moving their dormant BTC.
- Private investors showed interest, most holders remained unprofitable.
Bitcoin [BTC] has been trading at the $64,000 level for quite some time and has stagnated at that position. However, things could change quickly for BTC as whales lose interest in BTC.
Whales move their belongings
According to Lookonchain’s data, a wallet that remained inactive for 10.3 years recently initiated a transaction, transferring all 687.33 BTC, equivalent to $43.94 million.
The recipient of this transaction had initially received 687.33 BTC, which was valued at $630,000 on January 12, 2014, when the price per BTC was $917.
This move could trigger FUD in the crypto markets and cause a price correction. Despite this whale’s behavior, much of the whale cohort remained neutral around BTC.
Santiment’s data showed that addresses with anywhere from 1 to 10,000 coins were not accumulating or selling their holdings.
Surprisingly, however, private investors appeared to accumulate en masse.
Even though retail accumulation may not help BTC see significant price appreciation, it could help improve sentiment around the king coin, which could lead to positive price movement in the future.
Source: Santiment
However, if more whales start selling their assets and indulge in profit-taking, retail investors may suffer and suffer negative consequences.
What’s next for BTC?
At the time of writing, BTC was trading at $64,293.03 and the price was up 0.70% over the past 24 hours. BTC trading volume also grew by 27.12%.
If the positive sentiment continues, BTC price could claim the USD 65,000 level and start its journey towards USD 70,000.
However, there were some problems that BTC could face on its way to the top. One of them would be the falling rate for BTC.
Despite the increase in volume, the velocity around BTC had fallen in recent days, implying that the frequency with which BTC was traded had decreased.
While there are some challenges facing BTC, the selling pressure on most holders is relatively low.
Read Bitcoin’s [BTC] Price forecast 2024-25
One of the main reasons for this is said to be the declining MVRV ratio for BTC, which indicated that most holders were experiencing losses at the time of writing.
This meant that BTC could continue to rise to a certain level until its holders became profitable. After this, there may be profit taking and a slight correction may take place.
Source: Santiment