Bitcoin: 15,000 BTC From 2014 Moved to Exchanges Over 10 Days

Paigambar Mohan Raj
Source: Bitpay

Over the last 10 days, 15,000 Bitcoin (BTC) were moved, with most of them being purchased in 2014. According to CryptoQuant CEO, Ki Young Ju, some of the BTC was sent to Kraken, the popular crypto exchange platform. Moving to exchanges is never a good sign for the market as it could mean potential selling.

Furthermore, CryptoQuant noted that before Bitcoin’s drop, the exchange-whale ratio was increasing. This indicates that whales were actively depositing their BTC holdings to exchanges. The ratio is high is common during a bear market.

Moreover, the chart shared by CryptoQuant indicates that 90% of deposits on exchanges, came from whale accounts.

Were the 15K BTC responsible for Bitcoin’s plunge?

Now, dumping 15,000 BTC would definitely have an impact on the market. However, the sum seems unlikely to be the sole reason for Bitcoin’s plunge. Moreover, many believe that the current correction is due to the upcoming interest rate hike. The September inflation numbers are due on the 13th of September, and the FED has already stated that it intends to continue increasing interest rates in order to curb inflation.

In an August report, CryptoQuant noted that old Bitcoin whales represented three categories. Firstly, they could be early visionaries and accumulate their BTC via mining or early trading. Secondly, they could be miners. Or thirdly, they could be criminals. Additionally, the report highlighted that old Bitcoins going on the move is a sign of a bear market.

Nonetheless, this could have a silver lining. According to Glassnode, dormant Bitcoins have reached an all-time high. As per the analysis firm’s data, 12.589 million BTC have not been moved for at least one year.

Although an increase in holdings is also a sign of a bear market, it also could mean that the original crypto has garnered some new supporters.

At press time, BTC was trading at $18,774.86, down by 5.6% in the last 24 hours.