The cryptocurrency market was buzzing with news that 1,090 BTC (held for 2-3 years) had been transferred to Coinbase, one of the largest cryptocurrency exchanges in the world. The information was disclosed by CryptoQuant, a popular cryptocurrency on-chain data tracking platform.
Experts warn of potential selling pressure at 1090 #bitcoin deposit #Coinbase https://t.co/dIvc36vjpU
— Kyptos (@azcoinnews) March 31, 2023
The transfer of long-held BTC to Coinbase has raised concerns among market experts and analysts, as a similar trend was observed in 2019, when long-term holders held large amounts of BTC. The bulls are running. Experts warn that the trend could indicate a change in market sentiment and underlying selling pressure.
Analysts believe that people should be vigilant and pay close attention to the move of BTC held for 18 months to 3 years to enter the exchange. Because they can signal a change in market sentiment and lead to a potential sell-off.
Additionally, CryptoQuant data revealed another trend that could affect market sentiment. Judging from the flow of the spot exchange, in just two days, the exchange has withdrawn a total of 9,900 BTC. 5,000 BTC on the first day and 4,900 BTC on the second day.
Despite these trends, there is no sign of long-term holders selling just yet. However, investors should closely monitor market developments and remain vigilant.
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according to Kyptos