The recent transfer of 8000 BTC from two long-dormant wallets has captured analysts' attention as Bitcoin's price continues to rise.
BTC Transfer from Inactive Wallets
Two wallets inactive for over six years suddenly transferred a total of 8000 BTC, fueling speculation in the market. Each wallet moved exactly 4000 BTC. Data from CryptoQuant indicates a significant spike in movements out of dormant wallets.
Bitcoin Market Influenced by Market Positions
Bitcoin is currently trading near $110,000, which exerts significant pressure on short sellers. According to CoinGlass reports, clustering of short positions in the market may lead to a liquidation cascade if Bitcoin prices rise.
New Data on BlackRock and Its ETF
BlackRock's iShares Bitcoin Trust (IBIT) has accumulated 700,307 BTC worth approximately $76 billion in just 18 months. This makes IBIT the largest U.S. Bitcoin ETF by assets under management, reflecting strong institutional demand for Bitcoin.
The movement of funds from long-dormant wallets and the growth of funds like BlackRock suggest significant changes in the Bitcoin market, which could lead to further volatility.
