The Bitcoin market has recently witnessed a significant development with long-term holders initiating a major bull run. According to CryptoQuant, a leading on-chain analytics firm, these holders have begun transferring BTC to crypto exchanges. The analytics platform shared these insights on its official X account, highlighting the strategic moves of Bitcoin holders.
“Currently, ultra-long term Bitcoin holders are refraining from sending BTC to exchanges. They are anticipating a stronger bull market.” – By @t0_god
In a recent X post, CryptoQuant underscored that this activity is geared towards an imminent bull run. On-chain data reveals that such movements have been ongoing since last month. Notably, Bitcoin holders reportedly sold a substantial $10 billion worth of tokens in May alone, equivalent to approximately 160,000 coins.
This shift marks a significant trend in investor behavior among long-term BTC holders. The substantial sale is seen as a pivotal change in market dynamics, contrasting with their historical strategy of holding assets during market fluctuations, which traditionally stabilized Bitcoin prices.
Meanwhile, the current month has seen a marked increase in token liquidations by these holders. Reports indicate that over 40,000 tokens were sold in June alone, suggesting a sustained effort to fuel a robust BTC bull market.
Tags: BTC