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    Over 63,000 BTC were sent to exchanges in last 72 hours — CryptoQuant

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    The Bitcoin market saw around 63,000 BTC moved to exchanges between Oct. 7 and Oct. 9, 2024, suggesting possible sell-offs due to Bitcoin’s falling price. From a high of $64,000, Bitcoin dropped to $62,000 by the end of Oct.7, slipping further in the subsequent three days. This dip is partly due to macroeconomic factors such as high inflation data and increased jobless claims. It’s warned that Bitcoin needs to cross $60,000 soon for investor interest, while others predict a drop under $50,000 before recovery. Bitcoin has not reached its March 2024 all-time high of $74,000 since. There’s also concern about Bitcoin price after the U.S. Supreme Court removed obstacles for the government to sell Bitcoin acquired from the Silk Road raid. However, data suggests these Bitcoins have not yet moved.

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    Ever since the week kicked off, Bitcoin’s price has been dropping. Data reveals that around 63,000 BTC (about $1.83 billion) were moved to crypto exchanges starting from Oct. 7, 2024.

    As per some CryptoQuant data, roughly 28,000 BTC was sent to exchanges on Oct. 7, an extra 23,500 BTC followed suit on Oct. 8, with around 12,000 coins landing on exchanges on Oct. 9.

    Now, don’t get it twisted. These transaction volumes might not instantly spike sell-offs, but they could signal that investors are probably gearing up to sell in the near future. Normally, you wouldn’t see investors moving significant amounts of digital money from cold storage to exchange wallets unless they’re planning on selling them off.

    Bitcoin had a rough week. It started trading over $64,000 but dropped to about $62,000 by the day’s end on Oct. 7. The world’s first decentralized digital currency continued dropping in the next three trading days and slipped under its 200-day exponential moving average, a crucial support line, on Oct. 10.

    Macro dough-related factors are partly to blame for Bitcoin’s price dip this week. The market was spooked by higher-than-expected inflation data and a bump in jobless claims.

    Glassnode’s analyst, James Check, feels that Bitcoin needs to break out of the $60,000 range soon to drum up fresh investor interest and achieve new highs. But some experts are predicting that its price will dive deep and hit lows under $50,000 before it starts bouncing back.

    Yet, getting back to its previous highs may not be that easy. Bitcoin hit its all-time high of around $74,000 in March 2024, but since then, it hasn’t been able to get back there and has been going sideways.

    Oct. 7 saw the U.S. Supreme Court skip over the Battle Born Investments vs United States case. The folks who brought the case to court claimed they had a rightful claim to nearly 69,370 Bitcoin (worth about $4.38 billion), bought through a bankruptcy claim. By ducking out of the case, the Supreme Court removed any roadblocks for the government to sell the Bitcoin confiscated through the Silk Road raid.

    Now, investors are scared that if the U.S. government offloads these Bitcoins, it might further pull down Bitcoin’s price. But, according to some dissected data from Arkham Intelligence, the 69,370 Bitcoin in question hasn’t moved yet.

    Source: Cointelegraph

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