@rarecake
Bitcoin just went through one of the largest supply migrations in its history: over 8% of the entire BTC supply changed hands in a single week. Events of this scale previously happened only during the capitulation phases of 2018 and 2020 — both of which marked major local bottoms before long accumulation periods and new ATHs.
Analysts note that up to half of this week’s movement came from Coinbase’s wallet migration, but even with that factored in, the shift remains historically significant.
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