According to CryptoQuant analyst J. A. Maartunn, a total of 8,000 coins aged between 3-5 years were recently on the move.
The coins in question can be traced back to Coinbase Custody, which is a service used by institutional investors.
Maartunn believes that the coins are linked to Strategy or spot exchange-traded fund (ETF) allocations.
The analyst has suggested that the entity behind the recent moves has likely finished their buying spree. “Their buying spree might be done for this week,” Maartunn said.
Bitcoin is currently trading at $104,806, according to CoinGecko data.
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