Over a billion dollars of bitcoin just moved out of a wallet tied to coins seized after the Bitfinex hack, and the chart still looks like nothing happened.
You know that feeling. You get long $BTC on a quiet tape, the first dip looks like a gift, and then a holder this size starts feeding the book with no exit plan except a worse average.
On-chain labels put 12,267 $BTC in that government-linked wallet, the stash associated with the Bitfinex seizure. Moving coins is not the same as selling them, and that gap is where people get sloppy. Custody reshuffles can sit for weeks. The warning sign is when the stack starts breaking into smaller pieces or drifting toward places that actually hit spot liquidity. Even a partial sale is enough supply to lean on price for days, and the traders who chase the first bounce often end up as the exit liquidity.
I'd watch the next hops more than the headline. Seized $BTC that sits for years and then wakes up tends to matter more than whatever macro thread is trending that afternoon.
Anyone else seeing this as real supply, or still just noise?
#Bitcoin #OnChain #Macro
You know that feeling. You get long $BTC on a quiet tape, the first dip looks like a gift, and then a holder this size starts feeding the book with no exit plan except a worse average.
On-chain labels put 12,267 $BTC in that government-linked wallet, the stash associated with the Bitfinex seizure. Moving coins is not the same as selling them, and that gap is where people get sloppy. Custody reshuffles can sit for weeks. The warning sign is when the stack starts breaking into smaller pieces or drifting toward places that actually hit spot liquidity. Even a partial sale is enough supply to lean on price for days, and the traders who chase the first bounce often end up as the exit liquidity.
I'd watch the next hops more than the headline. Seized $BTC that sits for years and then wakes up tends to matter more than whatever macro thread is trending that afternoon.
Anyone else seeing this as real supply, or still just noise?
#Bitcoin #OnChain #Macro