Bitcoin Whales Move Strategically As Long-Term Holders Trim Balances

Since the November 5 elections, Bitcoin whales have been actively transferring funds to exchanges, yet refraining from immediate sell-offs. This cautious “wait-and-see” approach suggests strategies like hedging or over-the-counter (OTC) trading rather than liquidation. However, the uptick in exchange inflows raises concerns about potential sell-offs in the near future. Since the November 5 election, $BTC whales have ramped up transfers to exchanges, but they’re not cashing out just yet. This ‘wait-and-see’ strategy hints at hedging or OTC trades rather than immediate selling. However, rising inflows could signal future sell-offs. Stay… pic.twitter.com/PoiQS7ahLe — Kyledoops (@kyledoops) December 3, 2024 Bitcoin’s long-term holders (LTHs) are also reducing their balances, now down to 12.45 million BTC—the lowest level since July 2022. While this trend mirrors earlier cycles, the current 9.8% decline is relatively moderate compared to the 15% reduction in 2021 and the 26% drop in 2017. The #USGovernment moved 19,800 $BTC ($1.92B) out 9 hours ago, of which 10,000 $BTC ($962.9M) were sent to #Coinbase . So far in 2024, the US government has transferred a total of 25,999 $BTC ($2.49B) to Coinbase. However, these transfers appear to be custody actions rather… https://t.co/yzBCs9exrT pic.twitter.com/JGceTq1ZZd — Spot On Chain (@spotonchain) December 3, 2024 Since September, long-term holders have distributed 507,000 BTC—a notable outflow, though significantly less than the 934,000 BTC sold during Bitcoin’s March 2024 all-time high. This tempered selling activity underscores LTHs’ optimism about Bitcoin’s long-term potential. Since September, long-term holders (LTH) have distributed 507k $BTC—a sizable outflow but far less than the 934k BTC sold during the March 2024 ATH rally. This restrained selling suggests confidence in Bitcoin’s future potential. Bulls aren’t done yet. pic.twitter.com/UoIOXtbiQS — Kyledoops (@kyledoops) December 3, 2024 Adding to market movements, the U.S. government transferred 19,800 BTC (valued at $1.92 billion) just nine hours ago. Of this amount, 10,000 BTC (worth $962.9 million) were sent to Coinbase. These transfers, however, appear to be custody-related rather than outright sales. Year-to-date, the government has shifted a total of 25,999 BTC ($2.49 billion) to Coinbase but still retains 183,850 BTC ($17.57 billion) across various known addresses. The #USGovernment moved 19,800 $BTC ($1.92B) out 9 hours ago, of which 10,000 $BTC ($962.9M) were sent to #Coinbase . So far in 2024, the US government has transferred a total of 25,999 $BTC ($2.49B) to Coinbase. However, these transfers appear to be custody actions rather… https://t.co/yzBCs9exrT pic.twitter.com/JGceTq1ZZd — Spot On Chain (@spotonchain) December 3, 2024 Meanwhile, Bitcoin spot ETFs continue to attract significant investor interest. On December 2, they recorded a net inflow of $354 million, with BlackRock’s IBIT ETF alone bringing in $338 million. The combined net asset value of Bitcoin spot ETFs now stands at $103.909 billion, signaling robust institutional demand. On December 2, Bitcoin spot ETFs had a total net inflow of $354 million. BlackRock ETF IBIT had a single-day net inflow of $338 million. The total net asset value of Bitcoin spot ETFs is $103.909 billion. https://t.co/59u0BnEqLG pic.twitter.com/7cXde0wXMZ — Wu Blockchain (@WuBlockchain) December 3, 2024 These developments highlight a market navigating cautious optimism, strategic positioning, and sustained confidence in Bitcoin’s future. Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any service. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: Traxer on Unsplash // Image Effects by Colorcinch

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