Long-term Bitcoin holders transfer 8,511 BTC, signaling potential new market trends
Background: Recently, the price of Bitcoin has risen, and long-term holders have begun transferring their Bitcoin on-chain. According to CryptQuant analyst Maartunn, within the past day, 8,511 Bitcoins with a holding period of 3-5 years were reactivated, marking the 22nd time this year that more than 5,000 Bitcoins have been reactivated.
Main Events: The transfer of Bitcoin mainly originated from Grayscale and was moved to newly created addresses. However, it is still uncertain whether this involves an actual change of ownership or is merely an internal adjustment. Exchange net flow data has been negative for three consecutive days, indicating more capital outflow from the market, which is generally seen as a bullish signal. The 90-day Coin Days Destroyed (CDD) indicator surged from 5 million to 29 million before dropping to 23.80 million, showing that large holders have started to reduce spending after a recent surge.
Potential Impact: The transferred Bitcoin remains in private wallets and has not directly entered exchanges, thus showing no negative impact on price. Accumulators still dominate the market, maintaining a bullish stance. If Grayscale sells these Bitcoins, it may trigger capital outflows, causing Bitcoin's price to drop to $104,000; conversely, if the current trend continues, Bitcoin's price could break through $107,000 and even reach $108,000.