ANALYSIS: Massive BTC Transfers Across Multiple Holding Timeframes Between September 18th and 24th

Cryptoquant analyst XBTManager reports a significant increase in network activity during the recent uptrend in the price of bitcoin, potentially bringing new selling pressure. The data shows that between September 18th and 24th, there were large-scale transfers of bitcoin across multiple holding timeframes. On September 18, 4,924 bitcoins held for 2-3 years and 16,707 bitcoins held for 1 week to 1 month were transferred, while on September 23, 29,292 bitcoins held for 6-12 months were transferred.

XBTManager notes that the significant movement in the volume of coins in all phases of the period reflects the ongoing transfer activity on the Bitcoin network. Analyzing whether these bitcoins are being transferred to exchanges will help assess the depth of potential selling pressure. Bitcoin's upward momentum has begun to slow as the network has seen more transfer activity.