According to on-chain analyst Julio Moreno, a miner who has been around since the Satoshi Nakamoto era just transferred out 2,000 Bitcoins today. This is the first large transfer since November last year — when Bitcoin was still hovering around $91,000.

Interestingly, historical data shows that such transfers by veteran miners are often not random. Whenever they activate their wallets and transfer assets, it usually happens at critical market junctures. What does this on-chain activity really signify? Are they selling into the rally? Or are they positioning for the next market cycle? In the current market, these signals are worth paying close attention to.