Beginning of a Bear Market? 7,979 BTC transferred to Coinbase Prime
According to Wale Alert, 7,979 BTC was transferred from an anonymous address to a Coinbase Prime address about 3 hours ago. That's $4.9 billion. Large transfers to crypto exchanges are often cited as evidence of a bear market.
The graph of Bitcoin accumulation on Glassnode shows a decline after a five-month rise. It's unclear whether we're at the beginning of a bear or bull market. However, the upward curve is clearly broken.
On the other hand, Coinbase notes that the last two bull markets lasted 3.5 years and the current bull market is less than 1.5 years old. According to Coinbase's chart, the current bull market hasn't even begun.
