Part 8/14:
One of the more perplexing phenomena has been long-term holders selling Bitcoin just before the halving, despite historical precedent favoring accumulation. The speaker attributes this to a shift in sentiment driven by fears of hacking, losses of seed keys, or worries about custody security—prompting even veteran holders to move their Bitcoin to exchanges and sell, possibly to buy ETFs or cover other needs.
Furthermore, some long-term wallets are revealing a 5-year high in coins transferred to exchanges, indicating that seasoned investors may be cashing out or repositioning. The fear is that they’re swapping their Bitcoin for ETF exposure due to security concerns—a trend that could briefly suppress prices but ultimately support higher institutional involvement.