A mysterious Bitcoin ($BTC) whale or whales has been moving a large amount of coins that had been dormant for a decade, according to data from the Bitcoin blockchain, which shows some long-term holders are moving their stash during the bear market.
According to Philip Swift, creator of the on-chain analytics tool Lookintobitcoin, a total of 510.65 BTC, worth nearly $10 million, were moved in the past week alone. Notably, these movements come after a prolonged bear market saw the price of BTC drop from a high near $69,000 to around $19,000 at the time of writing. BTC’s low this cycle was slightly above the $18,000 mark.
As CryptoGlobe reported, Bloomberg commodity strategist Mike McGlone has recently said that Bitcoin and U.S. Treasury bonds are both dropped to “extreme discounts” amid the Federal Reserve’s hawkish moves to tame inflation.
Year-to-date bonds, stocks, and cryptocurrencies have all plunged while commodity prices rose over macroeconomic factors and Russia’s invasion of Ukraine. The analyst noted that as the Federal Reserve keeps hiking interest rates, investors can expect further corrections down the road.
Despite Bitcoin’s poor performance year-to-date, McGlone has recently reiterated he believes that the price of the flagship cryptocurrency will hit the $100,000 mark. Per the analyst, it’s a “matter of time” until Bitcoin reaches six figures.
It’s unclear whether one or more entities were behind the 510 dormant BTC movement, as any entity can create as many addresses as they want to on the Bitcoin network. While the movement suggests the whale(s) are getting ready to sell, blockchain data shows, as Cointelegraph first reported, that the amount of BTC’s supply last active over 10 years ago has reached a new all-time high.
McGlone is notably also “bullish” on gold as he believes that once we see a little peak in long bond yields, a little end of all these hiking expectations from the Fed,” gold will start to take off. Silver, he added, will underperform in the short term.
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