Speculation arose due to a significant on-chain transfer of 57,586 BTC, ranging in age from 6 to 12 months, sparking discussions about a potential selloff.
There was no significant shift in the BTC price, which mitigates the potential risk of liquidation.
The Tether holding address recently made an on-chain transfer of 57,586 BTC, with a mere $328 deducted from the balance.
An unidentified Bitcoin whale wallet transferred 57,586 BTC earlier today. According to a report from a knowledgeable individual in the field, this significant shift suggests a shift in the actions of a Bitcoin holder with a short-term perspective in response to changes in the price of BTC. The timing of the move could be better, given that it coincides with the expiration of $9.4 billion in crypto options and the sudden increase in realized volatility. Could there be a potential downturn in the crypto market?
57,586 Bitcoin (BTC) Transferred by Short-Term Holder
On-chain expert Maartunn has recently uncovered a significant transfer of 57,586 BTC, which had been held for 6 to 12 months. The transferred Bitcoin, valued at around $3.81 billion, is intriguing, raising questions about the motives behind this decision. If they involve selling, these high-value transfers have the potential to significantly impact the crypto market.
Transfers can occur between Bitcoin wallets or accounts on the blockchain for various reasons, such as investment strategy and liquidation. Nevertheless, there has yet to be a significant shift in BTC price at the moment, indicating that it may not be the right time for a selloff.
The current trading price of BTC is $66,585, showing a slight increase of nearly 1% over the past 24 hours. The 24-hour low and high prices are $65,864 and $67,148, respectively. In addition, there has been a decrease in trading volume leading up to the monthly expiry and the release of US PCE inflation data on April 26.
What really occurred?
A Bitcoin transfer worth a mere $328 occurred on block 840640, with the wallet associated with Tether. 21Shares Tom Wan states that the Bitcoin holding address for Tether is bc1qjas. The address contains 75,354.08 BTC, which is currently valued at an impressive $5.01 billion.
Therefore, it was simply a wallet transfer and not a Bitcoin selloff by any significant investor. The reason behind transferring funds within the same wallet still needs to be determined.
