On – chain analyst Yujin revealed that Cosmos Network developers transferred 295.3 Bitcoins, the first large – scale transfer in nearly two years. At the current price of $94,410.82, these bitcoins are worth approximately $27.8 million.
Some of the BTC sold during the recent dip likely came from funds raised during Cosmos’ 2017 Initial Coin Offering, when the project received significant contributions in BTC and Ethereum. This isn’t the only transfer by Cosmos developers this year. On November 22, they transferred $10.16 million in ETH. In total, they have sold assets worth $78.67 million, yet still hold 96.4 BTC and 17,188 ETH, currently valued at about $67 million.
These large – scale BTC sales by Cosmos developers are likely to increase market selling pressure. In low – liquidity markets, such sales can overpower buyers, driving prices down, especially when demand doesn’t match supply. This situation is exacerbated by traders selling in anticipation of further price drops.
The Moving Average Convergence Divergence (MACD) analysis of the BTC/USD chart shows a bearish crossover, with the MACD indicator above its signal line. The histogram crossing below zero further indicates increased selling pressure, suggesting potential downward momentum.
However, there’s also a possibility of a bullish reversal. If the MACD line crosses over the signal line, it could signal a surge in demand and a positive shift in market sentiment, potentially pushing the BTC price higher. Currently, with the signal and MACD lines merging, the BTC price direction remains uncertain, in a “do or die” situation.
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