The transfer history of this address reveals multiple transfers between unknown addresses over recent months. It may be suggested that such large transfers could signal that some major player is preparing to sell assets, as moving a major amount of Bitcoin to a highly liquid platform like Coinbase is often a precursor to sales.
Despite the magnitude of this transfer, the price of the cryptocurrency has remained stable, continuing to trade above $71,000. This price level is just 3.8% below BTC’s all-time high, reflecting market confidence and that interest from both institutional and retail investors is indeed present.
Meanwhile, Bloomberg reports that the short-term, 30-day correlation between Bitcoin and the Nasdaq 100 Index of U.S. technology stocks is around the highest since early 2023. This suggests that further gains in the equity gauge may be accompanied by a move higher in the crypto market leader.
Mike Novogratz, the chief executive officer of Galaxy Digital, mentioned on Bloomberg Television that a more positive U.S. political environment for digital assets will likely help propel the Bitcoin price to a record $100,000 or even higher by the end of the year.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
