Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.
Dormant bitcoin wallets move $8.6b worth of BTC
What happened: A BTC whale, who has been dormant for 14 years, just started moving massive amount of BTC to new wallets... They acquired over 80,000 BTC in 2011, at $0.78 per BTC, those holdings are now worth over $8.6b.Online rumours are circulating. Some are saying it's an old BTC miner and others are saying it could be Ross Ulbricht who was recently released from prison after being pardoned by Trump. The move could signal either an OTC deal or a move to new wallets.
Market reaction: Small sell off across the board, but likely not related to this. However, sentiment has got slightly cautious.
How to position: Transferring BTC between wallets doesn't mean selling pressure per se. Someone could be moving funds into a cold wallet, or it could be an OTC deal.
However, since we have weekends ahead, the liquidity likely to be thin. Therefore, it is best to avoid leverage trades or risky bets. Our thesis for the next 2-3 quarters remains the same: we will go higher. Therefore, don't get chopped in the short-term noise
Recommended from Cryptonary
