Cryptoquant analyst XBT Manager reports that the recent bitcoin price rally has seen a significant increase in network activity, which may bring new selling pressure. Data show that between September 18 and 24, there were large-scale shifts in bitcoin across multiple holding periods.
Among them, 4,924 bitcoins held for 2-3 years and 16,707 bitcoins held for 1 week to 1 month were transferred on September 18; 29,292 bitcoins held for 6-12 months were transferred on September 23. XBTManager pointed out that the significant movement in the amount of coins in various stages during this period reflects the continuous transfer activity on the Bitcoin network. Analyzing whether these bitcoins are being transferred to exchanges will help to assess the potential depth of selling pressure. As the network transfer activity increased, the upward momentum of Bitcoin began to slow down.
Analysis: Large-scale transfer of BTC across multiple holding periods between September 18 and 24
2024-09-24 11:55:52
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