Bitcoin

Idle bitcoin supply on the move as price volatility rises

At a time of full parties, the cryptocurrency industry refused to take a day off. The good market performance of Bitcoin (BTC) and some other high-profile altcoins like Ether (ETH) was offset by legal action against Ripple by the US stock exchange regulator. In response, several well-known exchanges, including Coinbase, Crypto.com, and FalconX, stopped trading XRP tokens or deposits.

Santiment’s latest finds, The report, published in the bi-weekly newsletter Cointelegraph Consulting, shows that the balance of wallets that BTC did not move for 365 days has become more active. Between December 13 and December 20, more than 146,620 BTC (approximately $ 3.9 billion as of the time of this writing) floated on the blockchain, marking its highest weekly volume since July. from 2019.

These long-term investors tend to trade on the basis of extensive analysis or intimate knowledge of the market. Therefore, sharp spikes in dormant Bitcoin holdings are more likely to indicate large changes in market conditions and volatility. preliminary price.

Idle bitcoin supply on the move as price volatility rises
Idle bitcoin supply on the move as price volatility rises

Still cWith Coinbase’s IPO just around the corner and the sheer volume of purchases from institutional investors, it doesn’t seem like a stretch to expect conditions to remain positive in 2021. Many investors considered the option of one “Christmas dump” Bitcoin options contracts worth $ 2.3 billion expired on Christmas Day, the largest amount in a single day. With this event already happening in the past, many investors are now optimistic that the momentum for 2020 will continue next year.

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