It appears like a change of season for Bitcoin following the news about shifting ownership patterns. A renowned crypto journalist, Colin Wu, highlighted massive BTC liquidations within the last few days. He noted that an address that remained dormant for more than nine years liquidated the total 5,001.51 BTC balance.
The transfer happened on August 28 and accumulated profits of over $96 million. There’re three other BTC addresses from that origin, two holding more than 5K $BTC, while the 3rd had 6,071 $BTC. Nevertheless, these wallets are yet to highlight transfer activity at the moment.
BTC Changing Hands Lately
Wu stated that another wallet with 5,000 $BTC transferred the balance on August 30, worth approximately $100 million. Several 148 $BTC transactions accounted for the transfer. Moreover, crypto expert Ali Martinez commented on new observations on the changing ownership arrays. He stated that addresses holding more than 10,000 BTC declined by 5.83% within the past three weeks.
Also, Martinez commented on BTC changing ownership patterns among crypto miners. The analysts observed that miners were yet to depict accumulation signals. BTC miner reserves have hovered at 1.85 million $BTC within the previous week. He tweeted a chart showing that it may take time before testing the previous highs of over 1.85M BTC. That means a bearish tale for the BTC community at the moment.
BTC holders attained a rare feat on August 30, despite the recent fall beneath the $20K mark. Glassnode data shows addresses in profit hit a one-month low at 24,064,074. Though recent upturns, BTC holders stay alert about the current risky market conditions.
They cheered the recent BTC price revival on the 24hr chart, following a 3% uptick within the past day. That saw Bitcoin trading beyond $20,400 during this publication while offering a timely community boost.
The cryptocurrency market sees slight upticks today, following the latest drawdowns. While publishing this post, the global crypto market capitalization stood at $996.44 billion, gaining 0.28% in the last day. Nevertheless, bears dominate the space, and further plunges could appear in the upcoming sessions.
Stay tuned for the latest crypto developments.