- Long-term Bitcoin holders transferred over US$117.87 million (AU$166.20 million) to exchanges, indicating renewed selling pressure.
- The moves coincide with Middle East conflict driving energy prices higher and worsening inflation concerns.
- A hawkish Federal Reserve outlook has reduced appetite for risk assets, contributing to Bitcoin’s decline.
Bitcoin markets have come under pressure as long-term holders moved over US$117.87 million (AU$166.20 million) in BTC to exchanges, signalling renewed selling activity during a period of heightened global uncertainty. The transactions reflect a shift among early adopters towards profit-taking as macroeconomic and geopolitical risks build.
Among the largest transfers, a wallet holding Bitcoin for more than a decade sent 1,000 BTC, worth roughly US$71 million (AU$100.11 million), to Binance.
In parallel, early investor Owen Gunden moved 650 BTC, valued at approximately US$46 million (AU$64.86 million), to Kraken, marking a return to selling after several months. Combined, these trades form part of a broader pattern of gradual liquidation by large holders.
Related: Bitcoin Hash Rate Drops as Energy Shock Triggers Miner Pressure
Markets React to Geopolitical Tensions
The sell-off has coincided with escalating tensions in the Middle East, including attacks on major gas infrastructure that pushed oil and gas prices higher. Rising energy costs have added to inflationary pressures, complicating the global economic outlook.
At the same time, the US Federal Reserve has reinforced expectations of prolonged tight monetary conditions by keeping rates at 3.5–3.75% and signalling limited cuts ahead. This backdrop has increased the opportunity cost of holding assets like Bitcoin, which do not generate yield.
Bitcoin’s decline reflects this combination of factors, with analysts pointing to a broader move away from risk across financial markets.
Related: Banking Woes Rise as Record One-Third of Australians Invest in Digital Assets
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