A significant movement of older Bitcoin holdings has been observed on the network, sparking discussions about potential selling pressure in the market.
CryptoQuant data shows increased activity on the network from wallets that have held Bitcoin for extended periods.
Analysts advise extreme caution as the movement of old Bitcoin raises concerns about potential selling pressure and slowing of Bitcoin's upward momentum.
The reduction of institutional short positions in Bitcoin is seen as a cause for caution in the market, as short positions are seen as necessary for Bitcoin's long-term growth.