This new transfer is not the only one that Cosmos developers made this year, as its team was transferred $10.16 million In ETH on November 22 of this year. Now, along with 295.3 BTC, the developers have sold a total of $78.67 million. However, the developers still own 96.4 Bitcoin and 17,188 Ethereum, worth about $67 million at current market prices.

This shows that even after the recent transfers, the team still retains a large amount of its money Initial coin offering raises. These transactions could be part of an active profit-making strategy as both BTC and ETH have fallen in the past seven days by 11.43% and 14.79%, respectively, according to CoinMarketCap.

Bitcoin is in limbo Amid Cosmos sell-off

Large-scale Bitcoin sales should increase selling pressure in the market, which could lead to lower prices when demand does not persist. Sales of this size, especially in low-liquidity markets, can sometimes overwhelm buyers and drive the price down. This tends to be exacerbated by traders selling before further declines occur, as well as creating additional selling pressure. This can be further observed in Moving Average Convergence and Convergence Analysis which helps to detect asset price trends and reversals by examining moving averages and momentum.

The BTC/USD chart shows a bearish crossover with the MACD, which has also moved above its signal line – generally a sign that bearish momentum may be ahead. Also, the chart crosses below zero to double this interpretation, representing a rise in selling pressure. On the other hand, Bitcoin may return to its previous highs. There could be rising A prevailing trend reversal if the MACD line intersects with the signal line.

A crossover like this would signal a demand revolt and a positive change in attitude, which could push the price higher along with momentum from other market participants. Right now, BTC appears to be in a “do or die” mode where anything can happen with both the signal and the MACD line combining, with no possible price direction.