While $1.28 billion flowed out of Bitcoin ETFs in a week, a wallet that had been dormant for over a year woke up—and bought 3,009 BTC.
The facts: a wallet with an address beginning 3Ps78... that had been inactive for over a year bought 3,009 BTC worth around $228 million on Nov. 6 (Arkham data, reported by Pluang on Nov. 8 and KuCoin on Nov. 7). BTC itself is still around $75,860 today, below the key $77,684 zone.
My take: the contrast is what’s interesting—ETF funds are flowing out, while one major holder is moving in. But one wallet doesn’t make a trend: its identity is unknown, the purchase could have been made over the counter or as a custody transfer, and $228 million is small compared with the $1.28 billion in ETF outflows over a week. What I read here isn’t a reversal, but a sign that not all major holders are heading for the exits.
What I’m watching: whether this wallet moves again, whether other old wallets wake up too, and US CPI on Tuesday, Nov. 10, at 20:30 WIB as the next catalyst.
What do you think: is a purchase like this by an old wallet a signal of accumulation, or just a routine transfer of funds?
This is my analysis, not financial advice—always DYOR.
#Bitcoin #OnChain $BTC
The facts: a wallet with an address beginning 3Ps78... that had been inactive for over a year bought 3,009 BTC worth around $228 million on Nov. 6 (Arkham data, reported by Pluang on Nov. 8 and KuCoin on Nov. 7). BTC itself is still around $75,860 today, below the key $77,684 zone.
My take: the contrast is what’s interesting—ETF funds are flowing out, while one major holder is moving in. But one wallet doesn’t make a trend: its identity is unknown, the purchase could have been made over the counter or as a custody transfer, and $228 million is small compared with the $1.28 billion in ETF outflows over a week. What I read here isn’t a reversal, but a sign that not all major holders are heading for the exits.
What I’m watching: whether this wallet moves again, whether other old wallets wake up too, and US CPI on Tuesday, Nov. 10, at 20:30 WIB as the next catalyst.
What do you think: is a purchase like this by an old wallet a signal of accumulation, or just a routine transfer of funds?
This is my analysis, not financial advice—always DYOR.
#Bitcoin #OnChain $BTC