Amid calls of Bitcoin price rally to $500K and $1 million by 2030, maximalist Willy Woo said that on a realistic basis, BTC’s compounded annual growth rate (CAGR) will drop under 10%, from the current 40%. Woo’s projections come from historical data, setting up some realistic expectations. He explains how BTC is gaining prominence as a global macro asset. Willy Woo Explains Why Bitcoin CAGR Will Drop In the Next Decade Prominent analyst Willy Woo has offered insights into Bitcoin’s Compound Annual Growth Rate (CAGR), highlighting a shift in its growth dynamics over recent years. Woo explained that Bitcoin’s explosive growth phases, like the 100%-plus CAGR seen before 2017, are now part of its history. Woo further stated that 202 was a pivotal year as it became institutionalized, and corporations and sovereign entities began to accumulate the assets. Furthermore, with the arrival of spot BTC ETFs in January 2024, institutional… Read More at Coingape.com
A massive Bitcoin transfer involving $8.6 billion worth of BTC, spread across eight wallets untouched for over 14 years, has ignited a wave of speculation within the crypto community.
The transfer, which occurred on July 4, involved the movement of 80,009 BTC. This raised concerns about potential market impact, and possibilities of a government settlement deal, or even a hack.
Arkham Suggests $8.6 Billion Bitcoin Move Was a Wallet Upgrade
Arkham Intelligence, an on-chain analytics firm, believes the transfer was likely triggered by a wallet upgrade, not a liquidation.
In a July 5 statement, Arkham dismissed speculation of a selloff, clarifying that the assets moved from legacy 1- addresses to modern bc1q- SegWit addresses. This transition boosts transaction efficiency and reduces network fees.
Now, more than a decade later, Arkham views the funds’ spread across eight wallets as a technical realignment rather than a market-moving event.
Notably, Bitcoin’s price remained stable after the transfers, further supporting Arkham’s interpretation.
Other Theories Surrounding the Transactions
While Arkham pointed to a benign explanation, others in the industry raised more provocative possibilities.
Cathie Wood, CEO of Ark Invest, questioned the transactions’ nature and suggested that the move might be tied to a government settlement.
She noted that the Bitcoin market’s swift stabilization might indicate that the transaction was part of a larger institutional move.
“The Bitcoin market stabilized fairly quickly, so could this block be part of a government settlement deal? Is it now part of a government Treasury,” Wood wondered.
Meanwhile, Coinbase executive Conor Grogan floated another theory about those transfers by suggesting the possibility of a hack.
He observed that one of the wallets sent a small Bitcoin Cash transaction 14 hours before the larger Bitcoin transfer. According to him, this is a potential sign of a quiet key test before the larger transactions.
“There is a possibility that the owner was testing the private key in a way that wouldn’t get noticed, as BCH isn’t monitored heavily by whale watching services What makes me say this is the other BCH wallets have not been touched at all; why wouldn’t they also sweep these?” he wrote.
However, Grogan stressed that his theory remains speculative but noted that if confirmed, it could mark the largest theft in crypto history.
According to the firm, speculators noted that the timing of the transaction aligns with Ver’s early involvement in Bitcoin. They also pointed to his recent release from detention as another indication of his possible involvement with the assets.
“He was released on bail from Spanish prison on June 5 and those Bitcoins last moved in May 2011 while Roger got into Bitcoin in February 2011. He will certainly have billions of dollars worth of Bitcoins,” 10x Research said.
Though no direct evidence confirms his involvement, the coincidence has fueled further debate within the community.
The true reason behind the $8.6 billion transfer remains unclear for now. However, it is certain that their reawakening has sparked renewed conversations in the industry.
Bitcoin has made it to the center stage of the crypto market again, not just for its price hovering around the all-time high, but also for the strategic moves happening behind the scenes. Strategy recently purchased 4,020 BTC at an estimated cost of $427 million, fueling speculation about a potential leg up. However, the market seems divided by views. While price holds above $109k, investors are now eyeing the on-chain trends, liquidation data, and whale moves for clues on the next move.
Smart Money vs. Retail Money?
Recent insights from Glassnode reveal a crucial shift, where the greater than 10k BTC cohort (the market’s largest players) have moved into a net distribution zone with a score around 0.3. This is an obvious reversal from earlier in the year, when whales were leading accumulation during price rallies.
Other cohorts like the 1k to 10k holders and the 100 to 1k BTC holders are also slowing down. While wallets with 10 to 100 BTC and sub-1 BTC continue their shopping spree. Further suggesting that leadership is moving downward on the wallet-size curve. This implies that the retail is buying the dip, while whales may be booking profits or analysing an incoming volatility.
What Does the Liquidation Heat Map Say?
The liquidation map by Kingfisher gives another layer of insight. With Bitcoin currently priced around $109k, there’s a significant buildup of long liquidation just below the $109k, $108.5k, and $107k mark. This indicates a potential liquidity grab to the downside that could be in the works, which could be driven by leveraged long positions at a risk of being wiped out.
It is to note that, above the present BTC price, short liquidation levels seem to be weak, indicating less momentum for an upward squeeze. Correlating this with the distribution by large holders paints a picture where short-term downside volatility is not just possible, but is statistically favored. However, it is worth citing that such moves often reset leverage and provide stronger bases for continuation.
Bitcoin (BTC) Price Analysis:
Bitcoin price today is down 0.40% at $109,222.37, but still holding a 3.37% gain over the past week. The market cap sits at $2.17 trillion, slightly lower day-over-day, while 24-hour trading volume surged to $50.45 billion. The price ranged between $107,609.56 and $110,376.88, showing short-term volatility. We can expect a pullback before the next ATH, which could be around $113k.
The Bitcoin price today is down a negligible 0.40% to $109,222.37, however, the trading volume is up 5.77% with an inflow of $50.45 billion.
2. What levels should investors watch?
The key levels to watch are $107k–$109k, if BTC dips here, strong reactions could occur from liquidation-driven volatility.
The post Whales Selling, Retail Buying: Is Bitcoin Price at $109k on Crossroads? appeared first on Coinpedia Fintech News
Bitcoin has made it to the center stage of the crypto market again, not just for its price hovering around the all-time high, but also for the strategic moves happening behind the scenes. Strategy recently purchased 4,020 BTC at an estimated cost of $427 million, fueling speculation about a potential leg up. However, the market …
