With the decline in Bitcoin price, large amounts of transfers took place from the wallets of large investors, who had been inactive for a long time, to the stock exchanges. The sharp rise in oil and gas prices following attacks on energy infrastructures in the Middle East weakened the risk appetite in global markets. With the impact of these developments, it was seen that some early Bitcoin owners turned to profit.
Remarkable Transfers from Former Bitcoin Owners
According to blockchain data, a former investor known as “bc1ql” transferred 1,000 BTC worth approximately $71 million to the Binance exchange. It is known that the investor in question purchased 5,000 BTC 13 years ago and still holds approximately 1,500 BTC. On the same day, Owen Gunden, one of the early Bitcoin holders, also moved 650 BTC to the Kraken exchange. It was calculated that this transfer reached a size of approximately 46 million dollars.
Owen Gunden had previously sold a total of 11,000 BTC five months ago. The latest move was considered among the developments indicating that long-term investors have switched to the selling side again. Such transfers are generally interpreted as a signal that selling pressure may increase.
Geopolitical Tension Increased Energy Prices
Developments regarding Israel’s attack on the South Pars natural gas field in Iran caused sharp fluctuations in the energy markets. This field, operated jointly with Qatar, is known as one of the world’s largest natural gas reserves. In the same period, Iran’s attack on the Ras Laffan natural gas complex in Qatar increased wholesale gas prices in Europe and the UK.
On the oil side, the Brent price fell to $114.77 after rising above $119. US crude oil traded around $96.59 after briefly testing $100. This rapid increase in energy prices paved the way for investors to move away from risky assets.
Bitcoin Price and Market Reaction
Bitcoin price decreased by 5 percent in the last 24 hours and traded at $ 70,439. It was evaluated that the selling pressure gained momentum following the escalation of tension in the Middle East and attacks on energy infrastructures. Uncertainty in the markets caused a more cautious tendency in investor behavior.
It is evaluated that if the Bitcoin price cannot hold in the range of $ 70,000-71,000, the price may return to the range of 60,000-71,000.
In the same period, there was a 4.2 percent decrease in gold prices and the ounce price fell to 4,686 dollars. The simultaneous decline in both Bitcoin and gold suggested that investors were pursuing an overall risk-mitigation strategy rather than turning to safe havens.
When market dynamics are examined, it is seen that major investor movements and macroeconomic developments are effective together. The pressure created by the increase in energy prices continues to determine the short-term direction in the cryptocurrency market.
