- Dormant 11.7 year Bitcoin wallet comes alive.
- Ancient Bitcoin whale moves 99 BTC worth 11.5 million.
- $2 billion USDT was minted on the Ethereum blockchain.
The crypto market sees significant shifts taking place as the price of BTC trades in the $116,000 price range and ETH trades in the $4,400 price range. For what’s expected next, the price of BTC could surge or dip, and Arkham analytics shows $2 billion USDT being minted on Ethereum today. At the same time, a dormant 11.7 year Bitcoin wallet comes alive as an ancient Bitcoin whale moves 99 BTC worth $11.5 million.
Dormant 11.7 Year Bitcoin Wallet Comes Alive
The crypto community is unsure of what to expect for the rest of Q3 and the start of Q4. At the moment, reputed analysts are torn between differing market predictions. The first is that the price of BTC will fall as low as $90,000, marking the end of the ongoing bull market, while another states this is only a correction and not the end. The opposite view says there will be one last BTC price run before altcoins take over.
The month of September is often a bearish red month, leading to falling crypto prices. However, this September has yet to see a significant decline, as presently, prices are higher than they were at the start of the month. Another analyst believes the Fed rate cut announcement will be the trigger behind a major correction. Some state that the announcement has already been priced in and sharp price surges are inevitable.
These differing views have left many traders confused about what positions to take and how best to hedge their funds. While many take precautions routes and have swapped their crypto to stablecoins, some bullish market moves have led others to take a higher risk and take risky trade positions. Which approach will yield the best results? Timing and vigilance will determine the winners.
As we can see from the post above, an ancient Bitcoin whale just moved 99 BTC worth $11.5 million from a Bitcoin address that has been dormant for over 11.7 years. With BTC currently trading in 6-digit prices, will this whale decide to take profits now before a price decline takes over? Or is he just moving funds to a more secure wallet? Perhaps the whale will make a significant move after a few more days of water watching.
+$2 Billion USDT Minted on Ethereum Today
Around the same time, over $2 billion USDT was minted on the Ethereum blockchain today, as we can see from the post above. The fact that a huge injection of liquidity is coming from the stablecoin USDT is a highly bullish factor that could imply a heavy shift towards a more bullish crypto factor for the coming days ahead. Which prediction will come first? Bear to bull or bull to bear?
