Some long-time Bitcoin holders have transferred tens of millions of dollars to exchanges amid a backdrop of falling Bitcoin prices and rising energy costs. This transfer activity is attributed to attacks on oil and gas infrastructure in the Gulf region, further escalating tensions between Iran, Israel, and the United States.
These transactions indicate that some long-term investors are taking profit-taking strategies in the face of widespread risk aversion in the market.
The historical token balance of the ancient whale wallet "bc1ql", all-time chart. Source: Arkham
The latest Bitcoin sell-off began following attacks on Qatar's energy infrastructure.
According to Aurelie Barthere, Chief Research Analyst at the crypto intelligence platform Nansen, the Bitcoin sell-off wave started shortly after Iran attacked Qatar's energy infrastructure.
“The sell-off began around noon yesterday (CET), triggered by the escalation of war between Iran and Israel and the attack on Qatar's gas infrastructure,” she told Cointelegraph in an interview.
BTC/USD, one-week chart. Source: CoinMarketCap
The synchronized decline of Bitcoin and energy assets indicates that investors are engaging in broader risk aversion rather than shifting to safe-haven assets, noted Alvin Kan, Chief Operating Officer of Bitget Wallet, in an interview with Cointelegraph.