Bitcoin's Price Stability Amidst Old Miner's Return to Binance
Key Points
- Bitcoin inflows to Binance have surged, largely driven by a miner from the Satoshi era.
- Long-term holders are cashing out, while the market remains stable, leading to a redistribution phase.
Bitcoin (BTC) is experiencing renewed momentum. Since July 11, Binance has recorded $2.7 billion in BTC inflows, reversing months of consistent outflows.
A significant portion of this surge is attributed to the reemergence of a Satoshi-era miner.
Simultaneously, long-term holders are selling off more aggressively than short-term traders, suggesting a cautious phase of redistribution within the Bitcoin market.
Binance Regains Prominence in Bitcoin Transfers
After a prolonged period of BTC withdrawals, Binance has seen a reversal. Since July 11, when Bitcoin reached a new high, over 23,000 BTC, valued at approximately $2.7 billion, has flowed into the exchange.
The most significant spike occurred between July 14 and 15, potentially linked to a dormant miner wallet associated with the Satoshi era.
These wallets have moved over 80,000 BTC in recent weeks, reigniting interest in the market.
Despite the substantial volume, Bitcoin's price has remained relatively stable, demonstrating the market's resilience and Binance's pivotal role in major BTC transfers.
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