TechFlow reports, according to Cryptoquant analyst XBTManager, that recent increases in Bitcoin prices have coincided with significantly heightened network activity, potentially bringing new selling pressure. Data shows large-scale movements of Bitcoin across multiple holding periods between September 18 and 24. On September 18, 4,924 BTC held for 2–3 years and 16,707 BTC held for 1 week to 1 month were transferred; on September 23, as many as 29,292 BTC held for 6–12 months were moved.
XBTManager noted that the substantial movement of coins across various holding periods during this period reflects ongoing transfer activity on the Bitcoin network. Monitoring whether these Bitcoins are being sent to exchanges will help assess the depth of potential selling pressure. As on-chain transfer activity rises, Bitcoin's upward momentum has begun to slow.
