Mignolet2024-03-23

very large-scale movement of long-term holders (3y ~ 5y) has occurred.

Two days ago, I mentioned the need to pay attention to the movements of long-term holders if buying pressure from BlackRock (IBIT) weakens. very large-scale movement of long-term holders (3y ~ 5y) has been observed. Approximately 90,000 bitcoins have been transferred. Upon inspecting the wallets of these whales, it is speculated that they are actual trading wallets rather than exchange cold wallets. This whale has some distinctive features: Bitcoins move from various wallets to a single wallet. -> They are held for a long period before suddenly moving to a new wallet. Since they do not move frequently, we can examine how the price moved at the time of transfer. In the second pic, there is a common pattern in the whale's movements: 1. whale does not move from the bottom during significant price declines. 2. movement occurs when the price has risen sufficiently and is hovering around the price peak. 3. This whale demonstrates a good understanding of the Bitcoin cycle and tends to move during the transition from the early to mid-stage of the bullish cycle. Interestingly, today's timing of Bitcoin movement also aligns closely with previous instances, indicating a similar pattern to earlier periods.