Bitcoin’s price remains just shy of its all-time high, exhibiting consolidation as long-term investors start to re-accumulate coins for the first time since December 2023.
This renewed interest among holders suggests a bullish sentiment building in the market. Additionally, the TD Sequential indicator has presented a buy signal on the Bitcoin hourly chart, indicating the potential for a one to four candlestick rebound for BTC.
In the past 2 hours, #MtGox transferred 42,909 $BTC ($2.93B) to a new wallet “1Jbez”.
Before the above transfers, the Mt. Gox address held a total of 137,892 $BTC ($9.42B).
Note that Mt Gox plans to distribute its 142,000 BTC and 143,000 BCH holdings to creditors by Oct 31,… pic.twitter.com/ljjG3W2boZ
— Spot On Chain (@spotonchain) May 28, 2024
In the past 12 hours, Mt. Gox, the defunct cryptocurrency exchange, transferred 42,909 BTC (approximately $2.93 billion) to a new wallet labeled “1Jbez.” Prior to this transfer, the Mt. Gox address held a total of 137,892 BTC, valued at around $9.42 billion.
These movements are significant as Mt. Gox prepares to distribute its holdings of 142,000 BTC and 143,000 BCH to creditors by October 31, 2024, marking a decade since its collapse due to a hack in 2014.
May 27 Update:
9 ETFs added 3,028 $BTC(+$211.8M).#Blackrock added 2,642 $BTC(+$89.7M) and currently holds 287,168 $BTC($20.08B).#Grayscale decreased 216 $BTC(-$15M) and currently holds 289,041 $BTC($20.2B).https://t.co/rVCt7FWxS5 pic.twitter.com/INPRNq8Lvy
— Lookonchain (@lookonchain) May 27, 2024
Instructional Activity Continues Growing Massively As More Bitcoin Acquisition Continues
Meanwhile, institutional activity remains robust. On May 27, nine exchange-traded funds (ETFs) collectively added 3,028 BTC, worth approximately $211.8 million.
BlackRock, a major player in the ETF market, added 2,642 BTC ($89.7 million) to its holdings, bringing its total to 287,168 BTC (approximately $20.08 billion). In contrast, Grayscale slightly decreased its holdings by 216 BTC, now holding 289,041 BTC valued at about $20.2 billion.
The TD Sequential presents a buy signal on the #Bitcoin hourly chart, anticipating a one to four candlesticks rebound for $BTC! pic.twitter.com/9wOZ1w2Sn3
— Ali (@ali_charts) May 28, 2024
These developments reflect a complex and dynamic landscape for Bitcoin, with significant institutional movements and historical events influencing market sentiment. As Bitcoin consolidates near its peak, the actions of long-term holders and major entities like Mt. Gox and institutional investors are pivotal in shaping its near-term trajectory.
In summary, Bitcoin’s current phase of consolidation, coupled with strategic accumulation by long-term holders and significant transfers by Mt. Gox, underscores the evolving dynamics of the cryptocurrency market. Investors and analysts alike are closely watching these trends to gauge Bitcoin’s next move.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: sinenkiy/123RF // Image Effects by Colorcinch
Read More: Bitcoin Consolidation Continues Amid New Accumulation Trends And Major Transfers – NullTX
Disclaimer:The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. coinzoop.com does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.