EconomyThe $70 Billion Phantom Crash

Bitcoin triggered one of the market’s most trusted signals that old coins were moving, but the reading was misleading. Coinbase’s migration of roughly 800,000 BTC between internal wallets, worth about $69.5 billion at the time, distorted HODL Waves, Coin Days Destroyed and long-term-holder supply metrics without any investor selling. The transfer was a routine internal security migration announced by Coinbase.