Breaking: 57,586 Bitcoin (BTC) Worth $3.81 Billion Moved On-Chain, What’s Happening?

1 week ago 9

57,586 Bitcoin (BTC) Worth $3.81 Billion Moved On-Chain, What's Happening?

A Bitcoin wallet has moved 57,586 BTC on-chain on Wednesday, as reported by an on-chain expert indicating a change in behavior of a short-term Bitcoin holder in response to BTC price action. The timing of the move is a concern as it comes before the $9.4 billion in crypto options expiry, with realised volatility suddenly spiking. Is a crypto market selloff ahead?

Short-Term Holder Moves 57,586 Bitcoin (BTC)

On-chain expert Maartunn revealed a massive 57,586 BTC aged between 6 and 12 months transferred on-chain. The Bitcoin transferred is valued at approximately $3.81 billion.

These bitcoins held for a period between 6 and 12 months raise questions of why someone decided to move such a large number of Bitcoin on-chain. These high-value transfers can also nuke crypto market if it’s a sell transaction.

The movement can also be between Bitcoin between wallets or accounts on the blockchain for several purposes including investment strategy and liquidation. However, there was no massive change BTC price currently, so it may not be for a selloff.

BTC price currently trades at $66,585, up nearly 1% in the last 24 hours. The 24-hour low and high are $65,864 and $67,148, respectively. Moreover, the trading volume has declined ahead of the monthly expiry and US PCE inflation data on April 26.

Also Read: How To Trade This Week As $9.4 Billion in Crypto Options Set to Expire

What Actually Happened?

Bitcoin transfer worth only $328 took place on block 840640 and the wallet belongs to Tether. According to 21Shares Tom Wan, bc1qjas is the Tether’s Bitcoin holding address. The address holds 75,354.08 BTC valued at $5.01 billion.

Thus, it was just a wallet and not a Bitcoin selloff by any whale or large investor. The reason for wallet transfer in the same wallet remains unknown.