đ #BTC is down 7% from its recent highs.
Transfers of #BTC from the #US government triggered the pullback, but high unrealized profits had already made the market vulnerable.
Government wallets have moved *17,468 BTC ($1.44 billion)* since October 6:
âą *Oct. 6*: 569 BTC ($48.6 million)
âą *Oct. 7*: 4,632 BTC ($385.8 million)
âą *Oct. 8*: 12,267 BTC ($1.01 billion)
The remaining balance is 174,481 BTC.
The transfers were the catalyst, not the cause. When holders are sitting on large gains, even minor shocks can trigger profit-taking.
Short-term holders are selling.
They sent 45,600 $BTC to exchanges in 24 hours. Of this total, 29.1K BTC moved at a loss, the largest losing trade volume since the pre-rally consolidation in June.
Key level: $74.6K (realized price for short-term holders).
Holding above this level preserves the early bull market structure. Falling below it increases the risk of a deeper correction.
Transfers of #BTC from the #US government triggered the pullback, but high unrealized profits had already made the market vulnerable.
Government wallets have moved *17,468 BTC ($1.44 billion)* since October 6:
âą *Oct. 6*: 569 BTC ($48.6 million)
âą *Oct. 7*: 4,632 BTC ($385.8 million)
âą *Oct. 8*: 12,267 BTC ($1.01 billion)
The remaining balance is 174,481 BTC.
The transfers were the catalyst, not the cause. When holders are sitting on large gains, even minor shocks can trigger profit-taking.
Short-term holders are selling.
They sent 45,600 $BTC to exchanges in 24 hours. Of this total, 29.1K BTC moved at a loss, the largest losing trade volume since the pre-rally consolidation in June.
Key level: $74.6K (realized price for short-term holders).
Holding above this level preserves the early bull market structure. Falling below it increases the risk of a deeper correction.