BTC Price Surge Triggers Movement of Ancient Coins
CryptoNewsTerminal Staff04 Jun, 2024
BTC Price Surge Triggers Movement of Ancient Coins
Bitcoin (BTC) made another run at $70,000, and this time, it stirred some ancient digital currency. Data from CryptoQuant reveals that long-term holders have been cashing out. Specifically, around 4,500 BTC departed from addresses that had been silent for four to five years. However, there's a twist: entities holding BTC for over a year or two have shifted their strategy and are now holding onto their coins. This change occurred after the recent dip that briefly pushed BTC down to $56,000. Despite the short-term sell-off by long-dormant holders, on-chain indicators still suggest a positive outlook for Bitcoin.
