OG Bitcoiners are rotating out, but it’s a healthy dynamic: Analysts
Old Bitcoin being sold to new institutions is a sign of its “integration with the financial system," Ryan McMillin, chief investment officer at Merkle Tree Capital told Cointelegraph.
While many Bitcoin whales “woke up” in the last month to sell their BTC at big profits as it rallied over $122,000, analysts say it is a good sign of a maturing market and doesn’t hurt the value of Bitcoin.
In an X post on Wednesday, Bitcoin financial services company Swan Bitcoin said the largest rotation in Bitcoin (BTC) history is almost complete as the “old guard are being replaced by new titans with conviction,” such as corporations and treasury firms.
Earlier in the month, a whale from the Satoshi era unloaded their entire stack of 80,201 Bitcoin, worth $9.6 billion, across several transactions.
Source: Cointelegraph →Related News
- 57 minutes ago
Bitcoin mining difficulty hits ATH, but is projected to drop in August
- 3 hours ago
China’s crypto liquidation plans reveal its grand strategy
- 4 hours ago
Quantum threat to Bitcoin? 80,000 BTC just moved after 14 years
- 6 hours ago
Small setups, big wins: Is solo Bitcoin mining making a comeback?
- 8 hours ago
ARK Invest scoops up Coinbase, BitMine shares amid stock dips