Idle Bitcoin Wallets Move $3.7B Wey Spark 3% Fall for Bitcoin Price
For August 16, 31,968 BTC (dat be about $3.7 billion) their move from Bitcoin wallet wey don siddon down for three to five years. Dis big transfer make Bitcoin price drop 3%, comot from $118,624 go $115,053 and cause about $576 million liquidation. For history, when dormant Bitcoin wallet move, e dey usually show say early adopters dey take profit or institutions dey rebalance their portfolio. Traders suppose dey watch on-chain analytics platform like CryptoQuant to notice dis kain wallet movement. To manage risk, stop-loss orders and portfolio diversification fit help reduce volatility. Even though short-term outlook dey bearish because of sudden supply, long-term investors fit see am as normal market correction and no steady downtrend.
Bearish
The big waka up of dormant Bitcoin wallets put plenti supply of 31,968 BTC for market, e make the price comot down by 3% sharp sharp and cause $576 million liquidation. Similar tins wey happen before - like the wallet waka up for 2021 - dem dey bring short term bear wahala as early holders dey collect their gain. For near time, this supply waka pressure selling and increase wahala for price, e mean say market dey bear trend. But if demand fit swallow the supply after while, the fall fit turn to chance for long-term investors to buy.