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Older BTC Is on the Move Again
The Ledger hack is prompting users to move their assets to a new Ledger signer with a new recovery phrase. We expect the 7D moving averages to rise over the next few days as users take action. But both the 1Y to 3Y and 3Y+ cohorts had already started seeing increased activity in late September, when BTC moved from the mid-$70Ks to the mid-$80Ks. We've seen a similar pattern before. In mid-January to February, both cohorts saw increased activity as BTC fell from around $90K to the mid-$60Ks. Then, from late July to mid-August, both cohorts spiked together again while BTC traded around the mid-$60Ks. Different market conditions, but a similar pattern across both age groups. Movement doesn't necessarily mean selling or profit-taking. The Ledger migration might amplify this movement over the coming days.