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10x Research: The potential selling pressure brought by Bitcoin OG wallets is one of the key reasons why Bitcoin has been difficult to achieve significant gains in the past six months
Odaily News 10x Research reported that eight Satoshi-era Bitcoin wallets that had been dormant for 14 years were reactivated on Friday, involving a total transaction amount of $8.6 billion. These OG wallets have been a potential selling pressure in the market and one of the key reasons why Bitcoin has been difficult to achieve significant gains in the past six months, although there is no clear indication that these specific wallets are intended to be sold.
The super whale group of early Bitcoin miners and long-term holders are gradually reducing their holdings, while crypto ETFs and corporate treasury demanders are constantly increasing their holdings. This hidden tug-of-war may determine the short-term trend of Bitcoin.
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