Dormant Bitcoin Wallet Moves 1,000 BTC After 6 Years of Inactivity
On Friday, a previously inactive wallet containing 1,000 BTC moved to Coinbase, causing speculation about the intentions of dormant holders. These holders may be looking to cash out while prices remain high or engage in speculative activities in the derivatives market. The selling by long-term holders, miners, and the German government's divestment of coin holdings has contributed to a nearly 9% drop in bitcoin prices this month. The release of the Fed's preferred inflation gauge later on Friday may increase price volatility, with a benign inflation print potentially strengthening the case for Fed rate cuts and putting a floor under BTC.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
PancakeSwap Hits Trading Volume Milestone and Unveils Major Upgrade
What Will Bitcoin Look Like If Kamala Harris Wins the US Election? Analytics Company Reveals Unusual Theory
Analysts at investment firm VanEck believe that even if Kamala Harris wins, Bitcoin could see an unexpected picture.
Inactive Bitcoin Miner Wallets Resurface After 15 Years
Institutions Turn Bullish: CME Bitcoin Futures Short Positions Plummet 75%