Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price

A massive 30,000 BTC was transferred into unknown wallets over the past week, leading many investors to wonder about the current outlook concerning Bitcoin. When big money moves into cold storage, it reduces selling pressure because it often indicates that whales and institutional investors are expecting the price to go up and opting for self-custody. Massive Exodus Of BTC To Cold Storage Data from CoinGlass shows that almost 30,000 BTC have been moved off exchanges in the past week. With Bitcoin currently trading around $26,000, this equates to over $780 million moved into cold storage.  Related Reading: Cathie Wood’s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay Most of this movement has come from Binance, with an 11,457 BTC net change in its reserves. Coinbase, Bitfinex, and Gemini also witnessed a net exodus of 4,455 BTC, 2,808 BTC, and 6,004 BTC, respectively. In contrast to this, the crypto exchange OKX had 2,149 BTC moved into its exchange. On-chain whale movement alerts from Whale Alerts this week have also shown various instances of BTC movement off crypto exchanges into unknown wallets: 🚨 🚨 🚨 🚨 🚨 🚨 5,140 #BTC (134,268,844 USD) transferred from #Bybit to unknown wallethttps://t.co/LWXJsbooVX — Whale Alert (@whale_alert) August 25, 2023 🚨 🚨 🚨 🚨 2,910 #BTC (76,010,381 USD) transferred from unknown wallet to #Coinbasehttps://t.co/5bD9vpvMAE — Whale Alert (@whale_alert) August 24, 2023 🚨 🚨 🚨 🚨 🚨 4,000 #BTC (106,039,171 USD) transferred from #Bitfinex to unknown wallethttps://t.co/982bCEb4SO — Whale Alert (@whale_alert) August 24, 2023 Unknown wallets typically mean movement into cold storage, which refers to any method of storing crypto offline. Investors use cold wallets to hold Bitcoin long-term as a way to accumulate their assets.  For many long-term holders, this is a safer option than keeping large amounts of crypto on an exchange which could be at higher risk of hacks or scams. BTC price sitting above $26,000 | Source: BTCUSD on Tradingview.com  How Is This Bullish For The Price Of Bitcoin? Bitcoin into cold storage points to a bullish outlook from serious investors. It reduces selling pressure since the amount of BTC available for sale on exchanges has become smaller. According to the economic principles of supply and demand, the lower supply is poised to lead to higher prices.  Related Reading: Here’s Why Arthur Hayes Is Not In Support Of A BlackRock Spot Bitcoin ETF While it’s not entirely clear what is causing this transition, the timing of this movement to cold storage is also notable. The SEC’s decision on spot Bitcoin ETF applications is imminent, and many believe that approval would lead to a spike in the price of Bitcoin. However, the regulator can still delay the applications for up to 240 days.  The price of Bitcoin has gone through a considerable dip in the past month as the market reacted to various news. At the time of writing, the cryptocurrency is trading at $26,000 and is down by 11.83% in the past month but up by 0.42% in a 7-day timeframe. This would suggest that the movement into cold storage has not had a significant effect, as the price of Bitcoin is still struggling to recover. Featured image from iStock, chart from Tradingview.com
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Solana Price Analysis: Imminent $16 Correction on the Horizon?

Solana (SOL) has captured the attention of investors and analysts as its price charts form a distinctive falling wedge pattern. This technical formation, often seen as a potential trend reversal indicator, has stirred discussions about the future trajectory of SOL’s value. A falling wedge pattern is a common chart pattern in technical analysis, characterized by a contracting range between two trendlines that slope in the same direction. The upper trendline, representing the declining highs, converges with the lower trendline, formed by the decreasing lows.  This pattern suggests a potential bullish reversal, as the price reaches a point of consolidation, leading to an eventual breakout to the upside. Image: Bybit Learn Related Reading: Tron Reverses August Slump As TRX Open Interest Climbs Solana Vies For Bullish Upswing As SOL’s price continues to exhibit this falling wedge pattern, analysts are eyeing a potential bullish upswing in the near future. The recent retest of the lower trendline has intensified demand pressures, potentially setting the stage for a breakout. Price analysis projections point towards a potential recovery that could take SOL’s value towards the overhead trendline or even the $21.55 mark. However, the validity of this pattern relies on the integrity of the two trendlines. While the falling wedge pattern suggests a bullish outlook, a failure to maintain these trendlines could lead to further downward movement. Investors and traders remain cautious, recognizing that as long as the pattern holds, there is a risk of SOL’s value prolonging its descent and potentially reaching the $16 mark. Recent market data from CoinGecko paints a mixed picture, with SOL’s price at $20.32, reflecting a 2.8% decline over the last 24 hours and a 5.2% slump over the past seven days. These fluctuations highlight the inherent volatility in the cryptocurrency market and the impact of various factors on asset prices. Solana (SOL) is currently trading at $20.27. Chart: TradingView.com Solana’s NFT Surge Offers Glimmer Of Positivity Amidst the price struggles, the Solana ecosystem is experiencing a surge in the NFT space, offering a glimmer of positivity for the community. Recent data shared by Step Data Insights reveals that Solana has emerged as a frontrunner in NFT sales volume over the last 24 hours. NEW: Solana leads the growth of NFT Sales Volume, with nearly a 20% rise in the last 24 hours. pic.twitter.com/t1PYxHXawb — Step Data Insights (@StepDataInsight) August 24, 2023 The post highlights a remarkable 20% surge in sales volume for Solana, outperforming major competitor Ethereum (ETH), which only managed a 3.4% increase during the same period. Related Reading: PEPE Token Tumbles 20% Amid Suspicious Activity – Details While technical patterns provide insights, the volatile nature of the crypto market requires cautious optimism. Additionally, Solana’s robust performance in the NFT sector underscores its ability to diversify and adapt in the blockchain landscape. As traders and investors await confirmation of the falling wedge’s influence, the market remains poised for shifts that could shape SOL’s path in the coming days. (This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk). Featured image from CoinMarketCap
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