Two very different kinds of Bitcoin money showed up on-chain this morning.
On one side, miner MARA moved another 500 $BTC out today. Per Lookonchain, it has sold about 13,597 BTC since Oct 1 at an average near $81,039 a coin, well above today's price of roughly $74,700 on spot.
On the other side, a brand-new wallet pulled 1,489 BTC (about $111M worth) from BitGo, and three fresh wallets took around 1,003 BTC off Binance in the last 24 hours. BlackRock also told Barron's it is seeing record demand from big holders swapping self-custodied coins into IBIT.
My read: miners are selling to keep the lights on, and patient money is soaking it up. That looks like floor-building, not a breakout signal, and tonight's CPI print can still swing things either way.
#Bitcoin #OnChain #BTC #CPI
Not financial advice.
On one side, miner MARA moved another 500 $BTC out today. Per Lookonchain, it has sold about 13,597 BTC since Oct 1 at an average near $81,039 a coin, well above today's price of roughly $74,700 on spot.
On the other side, a brand-new wallet pulled 1,489 BTC (about $111M worth) from BitGo, and three fresh wallets took around 1,003 BTC off Binance in the last 24 hours. BlackRock also told Barron's it is seeing record demand from big holders swapping self-custodied coins into IBIT.
My read: miners are selling to keep the lights on, and patient money is soaking it up. That looks like floor-building, not a breakout signal, and tonight's CPI print can still swing things either way.
#Bitcoin #OnChain #BTC #CPI
Not financial advice.
