Crypto analytics firm Glassnode has noticed something interesting: a lot of Bitcoin that hasn’t been touched in years is suddenly being moved around. This could mean some early investors are cashing out.
Old Coins on the Move
Thousands of Bitcoins that have been dormant for over a decade are now active. This happened in July, with a particularly big surge around July 4th. While this could just be people reorganizing their holdings, it also suggests some might be selling, potentially putting downward pressure on the price.
Bitcoin’s Price: A Look at the Support Levels
Glassnode also points out that if Bitcoin’s price drops below a certain level, it could signal a bottoming out. Basically, if it can’t hold its current support, there’s a chance the price could stabilize after a further dip.
Bitcoin’s Market Cap Hits a Milestone
On a more positive note, Bitcoin’s “realized market cap” — a measure of the total value of all Bitcoins based on their last transaction price — has just surpassed $1 trillion. This is a huge milestone, showing Bitcoin’s growing importance and the amount of money invested in it.
Current Bitcoin Price and Disclaimer
At the time of writing, Bitcoin is trading around $116,671, down slightly in the last 24 hours. Remember, this information is for general knowledge only and isn’t financial advice. Always do your own research before investing in cryptocurrencies.