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nostrich
More than 8% of all bitcoin moved in the last 7 days.

The last two times this happened?

1. March 2020 - $5,000 BTC
2. December 2018 - $3,500 BTC

This makes the latest drawdown one of the most significant on-chain events in bitcoin’s history.

(Copied from Joe Burnett on x, but posted nostr natively because some of you are whiny about screenshots 😂)
Marcob · 12w
Presumably, during big and sudden price drops, people withdrawl Bitcoin from exchanges and into cold storage. Hence the on chain activity. And vice versa. As the bull market starts heating up, people have confidence to move some BTC back on to exchanges, just in case a gamma squeezed pi cycle top ...