Global on-chain data analysis firm CryptoQuant recently announced that mid-term holders in the Bitcoin (BTC) market have moved a total of 170,000 BTC (worth approximately $14 billion). According to the analysis, these holders typically retain assets for between 3 to 12 months and are categorized as a group that reacts more sensitively to market changes than long-term holders.
This BTC movement is calculated based on the average Bitcoin transaction price of $84,500, and such large-scale movements have historically served as precursors to significant price fluctuations. CryptoQuant stated, “Similar-scale movements by mid-term holders were followed by strong price surges or downturns in 2021 and 2023,” and analyzed that “the market may currently be at a major turning point.”
Another noteworthy trend in this analysis is the asset movement by short-term holders. Over the past 7 days, the average number of Bitcoins moved to exchanges by short-term holders has reached about 930 BTC per day. This figure significantly exceeds the average movement of 529 BTC by long-term holders. The movement of assets to exchanges generally implies a possibility of selling, suggesting that some investors may be attempting to realize profits.
Meanwhile, the total BTC holdings on exchanges continue to show a declining trend. This indicates that Bitcoin is increasingly being transferred to decentralized wallets, which is interpreted as a factor supporting a structurally bullish market. However, the large-scale movement by mid- to short-term holders also serves as a warning that short-term strong price volatility and temporary corrections cannot be ruled out.
CryptoQuant emphasized, “This is a period that may involve short-term sharp fluctuations,” and added, “Both short-term traders and long-term holders should closely monitor liquidity changes in the market and asset flows on and off exchanges.” Notably, the current period coincides with the post-halving phase of Bitcoin, and some analyses suggest it could be a historical inflection point based on past cyclical patterns.
Bitcoin is currently trading at around $84,500, with various external factors such as the influx of institutional investors, increased ETF trading volume in the U.S., and changes in global regulations affecting the market.
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