Bitcoin Dips as Long-Term Holders Sell and Dormant Wallets Stir
Bitcoin's price has seen a slight dip, but long-term holders are selling, and dormant wallets are stirring, indicating significant stock market today activity.
Bitcoin's price slipped to $112,101.08 over the past 24 hours, down just 0.16%, with the Relative Strength Index (RSI) hinting at a potential short-term pullback. However, the real story lies in the actions of long-term holders and dormant wallets in the stock market today.
The Monthly Coin Days Destroyed (CDD) metric fell from a peak above 1.3 million to around 650,000, below its yearly average. This suggests that fewer long-term holders are sending coins to exchanges, potentially marking a market top in the stock market today. Meanwhile, a dormant Bitcoin wallet, untouched for over 12 years, was active again on September 28, moving 400 BTC worth approximately $44 million. The wallet was originally funded by miners around 15 years ago, and its owner's identity remains unknown. On September 17, another dormant whale moved 1,000 BTC valued at $116.8 million, securing massive profits from its original $847,000 purchase. These movements suggest a resurgence of interest in long-idle accounts in the stock market today.
Adding to the market buzz, on September 15, a Satoshi-era whale swapped 35,991 BTC ($4.04 billion) for 886,371 Ethereum ($4.07 billion), fueling Ethereum's strongest third quarter on record.
While Bitcoin's price has seen a slight dip, the real story is in the actions of long-term holders and dormant wallets in the stock market today. The decrease in Monthly Coin Days Destroyed and the sudden activity of long-idle accounts suggest significant stock market today activity and potential profit-taking. Meanwhile, a massive Bitcoin-to-Ethereum swap has boosted Ethereum's third quarter. Investors are advised to keep a close eye on these developments in the stock market today.
Read also:
- TikTok's deal negotiations continue following a conversation between Xi and Trump
- Trump announces agreement with Chinese authorities on TikTok deal
- Quantum Computing Market in the Automotive Sector Forecast to Expand to $6,462.13 Million by 2034
- Texas finalizes 1.8 billion dollars for the construction of solar, battery, and gas-fueled mini-grids
