More than 63,000 BTC Transferred to Exchanges in the Past 72 Hours – CryptoQuant Report

Bitcoin’s performance has been bearish since the beginning of this week, as data reveals that over 63,000 BTC, worth around $1.83 billion, was transferred to various crypto exchanges starting from October 7, 2024.

According to CryptoQuant, around 28,000 BTC was deposited into exchanges on October 7, followed by an additional 23,500 BTC on October 8, and approximately 12,000 BTC on October 9.

While these large inflows don’t necessarily result in immediate selling, they often suggest that traders may be positioning themselves to offload their holdings soon. It’s not common for investors to move significant amounts of Bitcoin from secure cold storage to exchange wallets unless they’re considering selling their assets.

Bitcoin began the week trading above $64,000, but saw a decline to roughly $62,000 by the end of trading on October 7.

The cryptocurrency saw further losses over the next three trading days, eventually falling below its 200-day exponential moving average on October 10, a critical level of support. The market’s reaction to rising inflation and a jump in unemployment claims played a significant role in this downward movement.

Glassnode’s analyst James Check highlighted that Bitcoin needs to break free from the $60,000 range to reignite investor interest and drive it toward new highs. However, some analysts predict that Bitcoin may experience a sharper dip, potentially falling below $50,000 before any significant recovery.

Reaching fresh all-time highs is proving to be a difficult task. Despite hitting a record high of around $74,000 in March 2024, Bitcoin has since been stuck in a sideways trend, unable to break through that level again.

Silk Road fears loom over the market

On October 7, the U.S. Supreme Court decided not to review the case of Battle Born Investments vs. United States.

This lawsuit revolved around a claim to 69,370 Bitcoin, valued at about $4.38 billion, originally acquired through a bankruptcy claim. By refusing to hear the case, the Supreme Court has cleared the way for the U.S. government to sell the Bitcoin it confiscated during the Silk Road investigation.

Traders are concerned that a government-led sale of this Bitcoin stash could push prices even lower. However, data from Arkham Intelligence indicates that the 69,370 BTC remains unmoved for now, leaving uncertainty about when or if a sale will occur.

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