There have been several significant movements during the latest decline phase of Bitcoin, and these have paved the way for further drops.
On August 27th, we observed the transfer of 7,788 bitcoins aged 1m-3m and 75,228 bitcoins aged 3m-6m. The movement of these bitcoins after a long period of inactivity does not bode well.
On August 28th, we know that 19,067 bitcoins aged 1w-1m, 1,863 bitcoins aged 1m-3m, and 1,614 bitcoins aged 18m-2y were transferred.
On August 29th, we observed the transfer of 23,345 bitcoins aged 1w-1m, 1,220 bitcoins aged 6m-12m, and 16,003 bitcoins aged 5y-7y.
These transfers need to stop; otherwise, they will continue to contribute to the decline. When bitcoins that have remained dormant for a long time are moved, it's usually in preparation for something, and you may see them used for selling. Transfers that occur at the right time and place tend to have a negative impact on Bitcoin.
Written by XBTManager
