A mysterious bitcoin ($BTC) whale or whales has moved a large amount of coins that have been dormant for a decade, according to data from the bitcoin blockchain, showing some longtime holders are moving their stash during the bear market.
According to Philip Swift, creator of on-chain analysis tool Lookintobitcoin, a total of 510.65 BTC worth almost $10 million was moved in the past week alone. These moves come notably after a prolonged bear market saw the price of BTC fall from a peak near $69,000 to around $19,000 at the time of writing. BTC’s bottom this cycle was just above $18,000.
As CryptoGlobe reported, Bloomberg commodities strategist Mike McGlone recently said that both Bitcoin and U.S. Treasuries are falling to “extreme discounts” amid the Federal Reserve’s radical measures to tame inflation.
Year-to-date, bonds, stocks and cryptocurrencies have all fallen, while commodity prices have risen on macroeconomic factors and the Russian invasion of Ukraine. The analyst noted that investors can expect more corrections as the Federal Reserve continues to raise interest rates.
Despite Bitcoin’s poor year-to-date performance, McGlone recently reiterated that he believes the flagship cryptocurrency’s price will hit $100,000. According to the analyst, it’s a “matter of time” before Bitcoin reaches six figures.
It is unclear if one or more entities are behind the 510 dormant BTC movement as any entity on the Bitcoin network can create as many addresses as they like. While the movement suggests whales are preparing to sell, as Cointelegraph first reported, blockchain data shows that the amount of BTC supply, which was last active over 10 years ago, has hit a new all-time high.
McGlone is also particularly bullish on gold as he believes gold will start to rally once we see a small peak in long bond yields, a small end to all of this rising Fed expectations. Silver, he added, will underperform in the near term.
photo credit
Featured image via Unsplash
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.