Bitcoin (BTC) is likely headed for a period of heightened volatility as 170,000 BTC — worth over $14 billion at its current price of $84,500 — have moved from wallets held for three to six months, a cohort often linked to market turning points, CryptoQuant warned in a post.

On-chain behavior from this group has historically served as an early signal for major price action, according to the post. Mid-term holders are typically considered to be traders that hold a cryptocurrency for anywhere between three to 12 months.

They tend to be more reactive to market conditions than long-term holders but less impulsive than short-term traders, making their movements especially telling during transitional periods.

When large amounts of bitcoin shift out of this cohort, it can indicate growing uncertainty or strategic positioning ahead of an anticipated market event. In either case, analysts view this as a sign that a sharp move is coming, though the direction remains unclear.

A similar pattern emerged ahead of previous surges and corrections, including during 2021’s bull run and 2022’s capitulation.

Bitcoin has been trading between $75,000 and $87,000 over the past months as tensions between the U.S. and other countries as a result of U.S. President Donald Trump’s tariff policies have caused anxiety in markets.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.

CoinDesk Indices presents its daily market update, highlighting the performance of leaders and laggards in the CoinDesk 20 Index.

The CoinDesk 20 is currently trading at 2464.88, up 0.4% (+10.35) since 4 p.m. ET on Friday.

Eighteen of 20 assets are trading higher.

Leaders: FIL (+3.7%) and POL (+3.7%).

Laggards: ADA (-0.2%) and BTC (-0.2%).

The CoinDesk 20 is a broad-based index traded on multiple platforms in several regions globally.

A Brazilian court has sentenced three executives behind the collapsed crypto scheme Braiscompany to a combined 171 years in prison, concluding one of the country’s largest crypto fraud cases to date.

Federal Judge Vinicius Costa Vidor found Joel Ferreira de Souza, the scheme’s alleged mastermind, guilty of operating an unlicensed financial institution and laundering millions through shell companies and unregulated crypto wallets, according to local media.

De Souza received the steepest sentence: 128 years behind bars. Two others—Gesana Rayane Silva and Victor Veronez—received 27 and 15 years, respectively, for their roles in managing cash and acting as intermediaries in the scheme.

The ruling comes after Brazil’s Federal Prosecutor’s Office (MPF) accused five individuals of orchestrating a pyramid structure that raised R$1.11 billion ($190 million) from roughly 20,000 investors.

Braiscompany promised outsized returns through crypto trading but allegedly ran a parallel financial system using informal transfers and high-commission operations.

The court also ordered the seizure of R$36 million, though it’s unclear how much victims will recover. According to Artêmio Picanço, a lawyer representing several victims, those affected must file civil claims soon before the funds are absorbed by the state.

Two defendants were acquitted for lack of evidence. The rest, the judge ruled, “acted to disguise the illicit origin” of the money, running operations that mimicked legitimate investment practices but served to enrich insiders.