It is looking like a season of turnaround for Bitcoin after news surfaced about changing ownership patterns.
Crypto Reporter Colin Wu informed of On major BTC liquidations over the past few days. According to their update, addresses that were dormant for nine years before have exhausted their entire 5,001.51 BTC balance.
The transfer took place on August 28, which eventually turned a profit of over $96 million. There are three other bitcoin addresses of the same origin, with two holding 5k BTC and the third holding 6,071 BTC. However, these addresses have not yet shown any transfer activity.
bitcoin has been changing hands lately
Wu claimed that another address holding 5,000 BTC transferred approximately $100 million worth of holdings on August 30. This was done in multiple 148 BTC transactions.
Furthermore, crypto analyst Ali Martinez further reflective With a new overview on changing ownership patterns. He added that the number of addresses with balances of 10,000 BTC or more has dropped by 5.83% over the past three weeks.
Martinez too Updates On the changing pattern of BTC ownership among miners. According to their observation, the miners are yet to show signs of accumulation.
The reserves of bitcoin miners have been around 1.85 million BTC over the past week. The chart below shows that the previous high of over 1.85 million BTC is not going to be tested anytime soon.
This is a particularly bearish note for the bitcoin community at present.
Despite the latest drop below $20,000, bitcoin holders achieved a rare feat on August 30th. According to glassnodeThe number of addresses in profit (7d MA) has just hit a 1-month low of 24,064,074.
Despite the latest surge in fortunes, bitcoin holders remain cautious about risky market conditions.
They rejoiced in the latest resurgence of BTC price on the daily chart as the price increased by 3% on the previous day. This kept the BTC price above $20,400 at press time and gave the community a timely boost.