A large on-chain Bitcoin ($BTC) movement involving crypto exchange BitMEX has drawn attention across the cryptocurrency market.
The transaction saw a wallet linked to BitMEX activate a UTXO containing 13,280 $BTC. At the current price of $70,000 per coin, the on-chain activity represents nearly $930 million in value moving across the blockchain.
Key Points
- A recent transaction saw a wallet linked to BitMEX activate a UTXO containing 13,280 $BTC earlier today.
- This pattern frequently appears when exchanges adjust internal wallet balances, shift funds between cold and hot storage, or settle operational liquidity needs.
- Data shows an increased selling pressure among Bitcoin short-term holders (STHs), with 27,000 $BTC moved in the past 24 hours.
What Happened
CryptoQuant verified author J.A. Maartunn highlighted the transfer in a March 6 X post using the Bitcoin Spent Output Age Band. He identified a sharp spike in the “1 day to 1 week” spent output age band, showing that the crypto exchange activated a UTXO containing thousands of $BTC earlier today.
For context, Bitcoin stores balances as unspent transaction outputs (UTXOs), each created by a previous transaction. As such, a created UTXO remains idle until the wallet uses it in a new transaction.
Here, BitMEX activated a UTXO containing 13,280 $BTC, raising eyebrows among market observers. At the time of writing, the reason for this move remains unclear, but it is notable because it comes as Bitcoin struggles to defend the $70,000 price level.
Additional Context from the Bitcoin UTXO Band
A shared chart highlights a noticeable increase in the 1-day-to-1-week age band of unspent UTXO by a wallet tied to BitMEX. Notably, this band measures how long coins remained inactive before being spent.
In this case, the data indicate that the Bitcoin involved had only been idle for a short period, roughly between one and seven days, before being used again in a new transaction. As a result, it shows that it was not long-dormant coins that suddenly entered the market. Instead, it is a recently created UTXO from an earlier BitMEX transaction that was quickly reused.
Notably, this pattern frequently appears when exchanges adjust internal wallet balances, shift funds between cold and hot storage, or settle operational liquidity needs. While the possibility remains, it is not a direct indication of selling activity on BitMEX.
STH Selling Pressure Emerges
A separate market metric indicates that, other than BitMEX, other market participants have also been making notable moves. Another CryptoQuant disclosure shows increased selling pressure among Bitcoin short-term holders (STHs)
The Friday tweet cited the STH P&L to Exchange Sum to show that short-term holders have sent over 27,000 $BTC to exchanges over the past 24 hours at a profit. According to the analysis, this move is one of the largest recorded in recent months.
Meanwhile, the heavy sales come as Bitcoin briefly touched $74,000 this week before giving back some of the gains. The pump placed holders who bought between one week and one month ago in profit. With a realized price of $68,000, these STHs sold at higher prices, reflecting their sentiment that the rally might be temporary.
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