Bitcoin

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>A dormant Bitcoin wallet moved 10,158 BTC, pushing $37.4B in on-chain volume, the highest in seven months.</li> 
 <li>Bitcoin inflows to exchanges increase, indicating potential selling pressure as BTC stabilizes around $61K.</li> 
</ul> 
<p> A significant transaction involving a dormant <a href="https://coineagle.com/price/bitcoin/">Bitcoin</a> (BTC) wallet has been reported, moving 10,158 BTC, or roughly $681 million, back into circulation. </p> 
<p>This substantial transfer led to an overall on-chain volume of $37.4 billion, marking the highest amount seen in the past seven months. </p> 
<h2 id="increased-on-chain-activity">Increased On-Chain Activity</h2> 
<p>The surge in on-chain activity was identified by blockchain analytics platform, Santiment. The reactivation of dormant Bitcoin often leads to an increase in price. </p> 
<p>This recent event suggests a change in behavior among long-term holders as a significant amount of previously inactive BTC is now back in the market. </p> 
<p>Data from Lookonchain was also linked to the transaction, indicating potential market ripple effects. </p> 
<p>On a single day, the on-chain transaction volume reached $37.4 billion, the largest daily volume since March 12, 2024. </p> 
<p>The increase was largely due to the movement of dormant Bitcoin, indicating that large holders are becoming more active. </p> 
<h2 id="bitcoin-network-metrics">Bitcoin Network Metrics</h2> 
<p>Despite the spike in on-chain volume, some key metrics for Bitcoin addresses have seen a decrease. </p> 
<p>Data from IntoTheBlock showed a decrease in new, active, and zero-balance addresses over the past week. </p> 
<p>New addresses decreased by 5.56%, active addresses by 6.54%, and zero-balance addresses by 10.06%. </p> 
<p>This decline in address activity could signal a short-term decrease in network participation. However, Bitcoin’s price remains relatively strong. </p> 
<p>Analysis of Bitcoin spot inflows and outflows showed more BTC moving into exchanges, indicating potential selling pressure. </p> 
<p>As of October 10, there was a net inflow of $7.35 million. This minor inflow suggests some traders may be preparing to sell, but it is not significant enough to indicate a major market shift. </p> 
<p>Bitcoin’s price was $60,947 at the time of reporting, showing a slight decrease from the previous week. Despite the inflows, the price has remained relatively stable, suggesting that the selling pressure may not be strong enough to cause a major downward movement at this point. </p>

Unprecedented $37.4B Bitcoin Volume Surge: The Reasons Behind the 7-Month High

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CoinEagle.com

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