Bitcoin had a wild ride! After hitting a low of $85,000, it shot up over 20% in a single day, briefly topping $90,000. This happened right after President Trump hinted the US might add Bitcoin, along with other cryptos like Solana, Cardano, Ethereum, and XRP, to its strategic reserves.
Old Money Moving
This price jump wasn’t just about the price; it was about the movement of Bitcoin. Really old Bitcoin – we’re talking wallets seven to ten years old – suddenly started transferring a lot of coins. CryptoQuant reported that around 180 Bitcoin were moved from these “whale” wallets. Even older wallets (10+ years old) moved another 120 Bitcoin.
Ripple Effect Across Cryptoland
Bitcoin’s surge wasn’t isolated. Other major cryptocurrencies, like XRP (which jumped over 30%), also saw significant gains.
What the On-Chain Data Says
CryptoQuant analyst Maartunn highlighted this activity on Twitter, showing a huge spike in transactions from those long-term holders. This suggests that some long-term investors might be getting impatient with Bitcoin’s price.
Profit Taking?
While the price surge was exciting, it didn’t last. Bitcoin quickly dropped back below $85,000, fluctuating wildly. This price volatility might be explained by some whales taking profits. Wallets holding Bitcoin for five to seven years moved 1,453.40 Bitcoin around the $93,000 mark – a significant amount. These holders originally bought Bitcoin around $25,000, so they still made a huge profit even after selling at lower prices.
Still Bullish?
Despite the price correction and some profit-taking, some analysts remain optimistic about Bitcoin’s future, suggesting that the current price is a good buying opportunity.
